Hogan Lovells is set to lose a swathe of its next qualifying class. It looks like at least a third of March 2011 qualifiers will march out the minty green doors of Atlantic House for the final time in the spring.
Sources at the firm told RollOnFriday that only 16 of the 36-strong cohort had been offered jobs in the first round of the process. Although it's important to note that this won't be completed until late January and there are still another eight jobs to be handed out between the 20 remaining nervous final-seat trainees. Who can expect - at best - a job in their second or third choice department. Or at worst, a poorly-attended leaving bash in March.
Trainee retention rates have been spiraling at the firm, despite the improvement in the market. In March 2010 the firm kept on 81% of its NQs, in September this had fallen to 71% and by next March it will be 66% at best. Not good. And this comes on top of a cull of four tax associates only a few weeks ago.
A spokesman for the firm told RollOnFriday "we are still only part-way through. There will be some people who won't be able to get their first choice as some positions were oversubscribed. We are working with the individual qualifiers and the practice areas and there are eight roles that we have yet to fill. In addition, there may be other roles that appear during the course of the qualification and application process."
Either way, yet more unemployed NQs will be flooding an already saturated market in the spring.
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Sources at the firm told RollOnFriday that only 16 of the 36-strong cohort had been offered jobs in the first round of the process. Although it's important to note that this won't be completed until late January and there are still another eight jobs to be handed out between the 20 remaining nervous final-seat trainees. Who can expect - at best - a job in their second or third choice department. Or at worst, a poorly-attended leaving bash in March.
Trainee retention rates have been spiraling at the firm, despite the improvement in the market. In March 2010 the firm kept on 81% of its NQs, in September this had fallen to 71% and by next March it will be 66% at best. Not good. And this comes on top of a cull of four tax associates only a few weeks ago.
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A pair of Hogan Lovells trainees receive the happy festive news |
A spokesman for the firm told RollOnFriday "we are still only part-way through. There will be some people who won't be able to get their first choice as some positions were oversubscribed. We are working with the individual qualifiers and the practice areas and there are eight roles that we have yet to fill. In addition, there may be other roles that appear during the course of the qualification and application process."
Either way, yet more unemployed NQs will be flooding an already saturated market in the spring.