Clydes records 76% trainee retention result
39 out of 51
Clyde & Co has recorded a retention score of 76% with 39 of its 51 newly qualified (NQ) associates staying put.
The new recruits join offices including London, Manchester, Newcastle, Edinburgh and Dubai. None are on fixed term deals.
Training principal James Major said: “We continue to be focussed on providing the best opportunities for home-grown talent to flourish in their careers at the firm, and so we are excited to support this talented cohort as they take the first steps as qualified lawyers. Congratulations to all our newly qualified solicitors.”
The solid retention score follows the news earlier this year that the firm had increased the salaries of its NQ and trainee solicitors. The Legal Cheek Firms Most List 2023 shows NQs in London earn £80,000 (previously £70,000) while rates for trainees sit at £42,000 in year one and £44,500 in year two.
This summer also saw Clydes swallow up UK law firm BLM. “The merger is our response to insurers’ changing needs,” Clydes partner Chris Murray said at the time. “By combining our businesses, we have created a new foundation for casualty claims built on scale, expertise and an innovative vision for the use of technology.”
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Clydes is exactly the sort of firm that will be seeing a lot of attrition to US shops, particularly amongst trainees looking to qualify into M&A or finance – it’s good enough that NQs looking elsewhere will probably get interviews, and the pay is so miserly for the hours expected in transactional departments that people will want to leave.
What a strange thing to say given that Clydes has a very small Corporate team and only a couple of Finance teams- from which yes there is inward and outward movement often. You okay babe?