An NQ adapts to life back in the office
Linklaters has posted an excellent trainee retention score of 94% this autumn, with 45 out of 48 of its qualifying trainees staying at the firm.
“A huge congratulations to our newly qualified lawyers who have excelled in what have been extraordinary times," said Richard Hodgson, the firm's trainee development partner. "I look forward to seeing their careers progress at Linklaters, as we continue to invest in, develop and retain talented individuals.”
It follows a solid retention run for Linklaters during the pandemic. The firm posted a score of 92% in the spring, as it kept hold of 46 out of 50 of its qualifiers (with an additional NQ on a fixed term contract). In autumn 2020 the firm posted a retention score of 85% with 45 out of 53 qualifiers being kept on (plus one fixed term contract).
Ropes & Gray is retaining 100% of its London-based newly qualified trainees this autumn.
The US firm is keeping all three of its qualifying London trainees. The firm has also proved to be pandemic proof with its retention rates, scoring 100% in the spring (two qualifying trainees) and also 100% in autumn last year (five trainees).
"The effectiveness of our training, with its opportunity to work on complex and international matters, complemented by a highly competitive salary and benefits package, means that Ropes & Gray is a natural home for talented, ambitious trainee lawyers focused on international careers," said London training partner, Rohan Massey.
Ropes & Gray, like fellow US firms in the City, is spraying its NQs with cash, as their annual salary is £130k (not including the bonus).
BCLP has also posted an excellent retention score, as it is keeping 86% of its qualifying trainees across its London, Manchester and Hong Kong offices (85% for the UK). The firm made 21 offers, of which 19 were accepted.
“During these extraordinary times we are incredibly proud of the resilience our trainee cohort has shown," said Grace Ambrose, senior graduate recruitment adviser at BCLP. "We look forward to seeing our autumn qualifiers progress onto the next stage of their legal career.”
The firm posted a retention rate of 88% in the spring, and 76% last autumn.
Travers Smith has also posted a very good score of 84%, as it is retaining 16 out of 19 trainees. Last autumn the firm also posted a strong retention score of 89%.
Mayer Brown has posted a solid retention score of 80%, with eight out of its ten final-seat trainees being offered positions at the firm. The firm also posted a retention rate of 80% in the spring, an improvement on the firm's score of 60% last autumn.
"The past 17 months have been incredibly challenging for us all and I am particularly proud of the way our trainees have adapted to working during the pandemic," said Stuart Pickford, training principal at Mayer Brown. "We wish all our qualifiers the very best as they embark on the next stage of their career.”
Still can’t get my head around £130k for a fifth seat trainee.
@16:03 it’s a gamble that they might stick with the firm long enough for them to become profitable. Considering there is a need to ingrain that sort of behaviour while the new intake are malleable enough, it makes sense for the US firms who are trying to keep a talent pool to give that sort of incentive.
Before anyone in HR at BCLP starts parping the firm’s brass section they should stop and consider the post-qualifying retention rate of the 2019 and 2020 NQs as by my reckoning that tells a very different story. So what happened in the first year of qualification in 2019 and 2020? I would assume that the associates woke up and smelled the American roast coffee (by that read they weren’t buying into the firms somewhat narrow and limited strategy). Ah well, there’s always the future to look forward to.