38 out of 41
Slaughter and May has become the fourth magic circle firm to reveal its autumn 2020 trainee retention score.
From a September qualifying cohort of 41, Slaughters made 38 permanent offers — all of which were accepted. A firm spokesperson said: “This strong showing bodes well for the long-term future of the firm.”
Its newly qualified (NQ) lawyers will start on a salary of £87,000 after the firm opted to reduce pay in May to negate the financial impact of COVID-19. Pre cut, Legal Cheek‘s Firms Most List showed NQ base rates sat at roughly £92,000, with performance bonuses bumping earnings to in excess of £100,000.
Last month fellow magic circle players Clifford Chance and Allen & Overy posted results of 78% (36 out of 46, plus two on fixed-term deals) and 93% (38 out of 41) respectively. Freshfields, meanwhile, chalked up a score of 84% (32 out of 38) but declined to say whether any of its new associates were on fixed-term deals. Linklaters is yet to reveal its autumn figures.