Clifford Chance in 67% trainee retention shock
17 February 2017
With a muted fanfare, Clifford Chance
has announced a trainee retention figure of just 67% for this spring. The worst of the field so far.
43 out of the Magic Circle firm's 46 trainees applied for a position but only 33 were offered jobs, with just 31 accepting. Those that have jumped through the appropriate hoops to land a job at CC will be awarded a tasty £85,000 a year as NQs.
This spring's low retention rate is unusual for CC but continues a recent downward trend. The firm kept on 91% of trainees in Spring 2015, 96% in Autumn 2015, 80% in Spring 2016 and 82% in Autumn 2016. A spokeswoman for the firm declined to comment on the latest round-up.
CC fared reasonably well in the Firm of the Year survey
, coming 22nd out
of all firms and 2nd out of the Magic Circle with an overall score of
70%. The most enthusiastic
response came from one fresh-faced trainee saying "I could never have imagined my training contract being this enjoyable
". Although a jaded 5 PQE lawyer said "I am worked like a bitch
" but resignedly pointed out "I would be worked twice as hard elsewhere in the magic circle
||Day one: "Will this unbridled joy ever end?"
Elsewhere, other firms have announced impressive spring retention rates. Magic Circle firm Slaughter & May
is keeping on all 25 of its March cohort, who will be on £78k as NQs. Although S&M doesn't include its bonus in its stated pay, so they could earn as much or more as their Magic Circle peers.
Mayer Brown also posted a 100% trainee retention rate this spring, Trowers & Hamlins
announced an impressive 93% retention rate, and White & Case
has will be keeping on a very respectable 88% of tis trainees.