37 of 43 and 36 of 43

Freshfields and Slaughter and May have posted strong autumn trainee retention scores of 86% and 84% respectively.

This makes Freshfields the top performer within the Magic Circle so far, keeping on 37 of its 43 qualifying trainees. All rookies who were offered a role accepted it.

Slaughters comes in at a close second, retaining just one fewer with 36 out of 43 trainees. The firm confirmed to Legal Cheek that all NQ solicitors have been retained on permanent contracts.

Earlier this week Clifford Chance announced that it was keeping on 75% of its trainees (42 of 56), with A&O Shearman earlier recording a retention rate of 66% (37 of 56).

Linklaters is the only Magic Circle firm not to have released its retention figures so far.

Whilst Freshfields’ retention has stayed relatively level across this year, posting an 84% score for its spring qualifying cohort, Slaughters’ score had dropped slightly, falling from a very impressive 95% spring score.

Speaking on the latest retention figure, Craig Montgomery, partner and training principal at Freshfields, said:

“We are thrilled that many of our trainees are choosing to advance their careers at Freshfields and their exceptional skills and dedication during the Trainee Associate Programme have been impressive. Our commitment to their development reflects our belief in fostering a strong, diverse workforce for the future and is a vital part of our strategy to cultivate a dynamic and forward-thinking global firm.”

Earlier this year Freshfields raised NQ pay to a new high of £150,000, with Clifford Chance, Linklaters and A&O Shearman all swiftly following.

Slaughters is the only Magic Circle firm to have kept its NQ salary at £125,000 so far, although it has raised trainee pay in line with its Magic Circle rivals.

42 of 56

Clifford Chance has posted an autumn trainee retention score of 75% with 42 of its 56 final-seat trainees staying on with the firm.

The Magic Circle firm said that 54 trainees applied for associate positions, and 44 offers were made. All but two of these offers were accepted.

CC confirmed to Legal Cheek that all 42 soon-to-be associates are on permanent contracts, with no fixed-term arrangements.

Earlier this year the CC posted spring score of 71% after 40 of its 56 spring trainees committing their futures to the firm.

The Legal Cheek Firms Most List 2024 shows that the new recruits will start on recently improved salary of £150,000.

Last week fellow MC player A&O Shearman posted its first post-merger retention score, with 37 of its 56 trainees (66%) staying put.

66% and 36%

RPC and Reed Smith have recorded low scores in the latest trainee retention season.

RPC, which has 18 trainees set to qualify later this year, is retaining 12 of them, equating to 66%. Of the 18 trainees, 17 applied for roles within the firm, with one opting to focus on a practice area not currently offered by RPC.

The firm said that the five final-seat trainees who were unsuccessful in their applications “applied for highly competitive roles within RPC and, unfortunately, were not successful in securing positions in those popular practice areas”.

This result is down slightly from last year’s figure of 81% (13 out of 16).

Meanwhile, Reed Smith confirmed it has retained four of its 11 trainees. Whilst eight applied for roles, only six were made offers, and four accepted. This gives an overall retention score of 36%.

This is a reduction from the firm’s spring retention score when it retained eight out of 13 NQs, or 62%.

Commenting on the latest retention, David Ashmore, Reed Smith’s Training Principal, said: “Congratulations to our new class of associates, who expand the next generation of talent at the firm. We are proud to be investing in their future successes and career development.”

“In a competitive market, we continue to work hard to attract and retain our talent.”

Both firms have recently increased their NQ salaries, with RPC boosting pay within its London commercial team to £90,000, whilst Reed Smith has increased NQ rates to £125,000.

This retention season has already seen some low scores, including BCLP which recorded a rate of 58% (11 of 19), and A&O Shearman, which posted a score of 66% (37 of 56).

At the other end of the spectrum, Burges Salmon clocked a perfect 100% in its latest round, keeping on all 24 qualifying trainees in permanent roles.

66%

A&O Shearman has recorded its first post-merger retention score, with 37 of its 56 trainees staying put.

The new outfit confirmed it made 39 offers to the 48 trainees who applied for newly qualified roles. Thirty-seven offers were accepted, all on permanent deals.

Before the tie-up, Allen & Overy offered significantly more training contracts than Shearman, with 80 each year compared to Shearman’s 12.

Combining the trainee intakes of both firms has resulted in a larger-than-usual qualifying cohort, making the lower score — in this case 66% — somewhat expected.

Both outfits were typically strong retention performers prior to the merger, with A&O posting a result of 77% earlier this year and Shearman regularly chalking up results of over 80%.

The firms officially joined forces on May 1, creating a new global mega-firm with nearly 4,000 lawyers across 48 offices in 29 countries and combined annual revenues of approximately $3.5 billion (£2.9 billion).

James Partridge, early careers partner and training principal London, commented:

“This is the first qualifying cohort of A&O Shearman, and we are pleased that 37 trainees from both legacy firms have chosen to remain and progress their careers with us at this exciting time for the firm.”

“At A&O Shearman we remain committed to investing and developing our people and extend our congratulations to our first combined intake of qualifying solicitors,” Partridge continued.

The Legal Cheek Firms Most List shows the new recruits will start on a recently-improved salary £150,000.

Better but still not great

BCLP has released the retention rate for its September 2024 qualifiers, with 11 of the 19 trainees staying on.

This equates to 58% of the most recent UK cohort, with the global retention marginally lower at 57% (12 out of 21).

Whilst this isn’t a particularly strong figure, it is a significant increase from the 29% (4 out of 14) retained in the spring. The firm expects this trajectory to continue, with a spokesperson stating: “We remain committed to making further progress with our retention efforts and acknowledge there is still more work to do here.”

BCLP has faced challenging market conditions in recent years with the commercial real estate sector, one of its key specialisms, suffering. The firm has also lost a number of Russian clients since sanctions were applied after the invasion Ukraine.

A spokesperson for the firm added:

“We are pleased that one of our qualifiers is our first Solicitor Apprentice to qualify through the apprenticeship route for the firm. We are actively supporting our remaining trainees to find alternative roles, with many in the final stages of that process. We wish all our qualifiers all the best in their future legal careers.”

The Legal Cheek Firms Most List shows that BCLP take on around 35 trainees each year, with London recruits receiving £50,000 in year one, £55,000 in year two, and £105,000 upon qualification.

Those joining the Manchester office can expect a first year salary of £33,000, rising to £37,000 in their second year and £67,000 upon qualification.