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Allen & Overy’s newly qualified (NQ) lawyer retention rate has improved slightly on last year’s results.
The magic circle law firm has offered jobs to 56 out of the 64 final seat trainee solicitors, showing a steady retention rate on last year, with 80 per cent in September 2010 and 87 per cent retention in Spring 2010 despite predicting a less healthy 70 per cent the previous year.
Elsewhere, Norton Rose announced that it has offered jobs to 26 of its 30 January 2011 qualifiers giving it an NQ retention rate of 86 per cent, although two out of the four trainees that did not receive offers resigned prior to the process and will be leaving the firm on qualification.
The top ten law firm exceeded previous results, reporting a retention rate of 83 per cent for September 2010, after offering jobs to 24 out of 29 NQs.
Slaughter and May’s retention rate remains at the top for Spring qualifiers after announcing that it offered jobs to a whopping 96 per cent of its trainees, representing a rise from previous figures and soaring above rival City law firms.
Simmons & Simmons, meanwhile, has 15 trainees due to qualify this Spring and will be holding onto 12 giving the firm a retention rate of 80 per cent.
Elsewhere, US firm Weil Gotshal and Manges was first to announce a 100 per cent NQ retention rate for its trainees due to qualify in its London office in Spring 2011, while White & Case’s rate remained at steady 92 per cent.
Meanwhile, Nabarro revealed almost 85 per cent, shedding only two of its trainees due to qualify in this month (January 2011).
The latest results offer further encouragement to final seat trainees despite earlier indications that retention rates for Spring 2011 were going to be down marginally on last year’s after CMS Cameron McKenna and Hogan Lovells revealed disappointing results.