Global law firms both retain 83% of March qualifying cohort
HSF confirmed that all 29 of its March qualifying trainees applied for a newly qualified (NQ) position, 27 received an offer and 24 accepted. None are on fixed-term contracts.
This means a spring rate of 83% for the global firm which offers 60 training contracts a year.
NQs staying on at the silver circle firm can expect to earn a recently improved base salary of £105,000 — almost double the firm’s second year trainee rate of £55,000. First year trainees at the firm earn £50,000.
The result is down from HSF’s 2021 spring rate of 93%, when it retained 28 of 30 qualifying trainees.
White & Case, meanwhile, has offered permanent positions to 19 of 23 spring qualifying trainees, with all of them accepting.
The NQs will join global practices such as capital markets, commercial litigation and debt finance, with two trainees joining the firm’s international offices in Paris and Dubai.
A recent boost in salaries means that trainees staying on as NQs will see their second year salary of £57,000 more than double to an impressive £140,000 upon qualification. The firm offers 50 training contracts each year.
Check here for the latest coverage of law firms’ 2022 spring retention scores.