Herbert Smith’s retention rate slides

Herbert Smith’s retention rate for trainee solicitors due to qualify in the autumn has dropped to 74 per cent. The top 10 law firm has confirmed that it is holding on to 48 out of 65 of its newly qualified (NQ) lawyers. In contrast, Herbert Smith’s retention rate for September 2008 and spring 2009 qualifiers was 89 per cent and 86 per cent respectively. A growing number of firms have reported plummeting retention rates as a result of the recession, including Freshfields Bruckhaus Deringer, which is only keeping 70 per cent of its autumn qualifiers.