An incoming NQ takes the A&O oath
As trainees working from home prepare to turn into pyjama-clad lawyers, Allen & Overy has announced an impressive trainee retention rate of 92% this spring.
36 out of 37 of the firm's trainees applied to qualify at A&O. The firm offered 34 jobs, which were all accepted. The Covid-busting retention score of 92% follows a good run for A&O during the pandemic, as it retained 93% of its trainees in autumn last year.
The NQs will start on a salary of £95,000 (including a sign-on bonus), as the firm recently hiked pay for its lawyers, after making cuts last year. It's a little drop from the six-figure salary pre-Covid, but it should still be enough to keep wood on the fire and the Netflix subscription going.
“I’m really pleased we’re seeing such a high retention rate, which speaks not only to the calibre of the upcoming talent at the firm but also our continued commitment to investing in our future lawyers during the pandemic," said graduate recruitment partner James Partridge.
A&O is the first Magic Circle firm to announce its retention figures, and its decent score has thrown down the gauntlet to its City peers.