As trainees spin in their chairs to transform into qualified solicitors, Clifford Chance has announced a retention rate of 90% this Spring.
Of the 51 qualifiers in the cohort, 50 applied to stay at Clifford Chance, with 46 being kept on. It is a marked improvement compared with the last round in Autumn when CC managed a so-so rate of 77%. The firm had a decent recent run prior to that, holding on to 92% of its brood in Spring 2018 and 81% in Autumn 2017. The latest batch of NQs will be paid up to £91,000 (this includes bonus).
So far, the other Magic Circle firms that have released their retention rates have also performed admirably. Slaughter and May revealed that it is retaining 34 out of 35 fourth-seat trainees, giving it a score of 97%. The firm has performed consistently well in recent rounds, holding on to 86% of its Autumn 2018 qualifying trainees, 95% in Spring 2018 and 92% in autumn 2017. Slaughter and May NQs will receive a salary of £83,000.
Allen & Overy scored a solid 83%. The Magic Circle firm made offers to 40 of its cohort of 47 trainees, with 39 of them accepting. A&O has a decent record of retention in the last couple of years, as it kept 80% of its qualifying trainees in Autumn 2018, 80% in Spring 2018, and 85% in autumn 2017. NQs at Allen & Overy will be on the same wage as Slaughter and May of £83,000.
Trainees with the corporate ladder climbing skill complete the first level
Elsewhere, Stephenson Harwood and Mayer Brown both managed perfect retention results of 100%. At Stephenson Harwood the eight qualifying trainees will receive a salary of £73,000 when they start as NQs.
At Mayer Brown, the small trainee cohort of four are all staying with the firm, and can look forward to a NQ wage of £78,000.
All of the firms told RollOnFriday that none of the NQ roles are fixed term as they are all permanent roles. Huzzah!