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Pinsent Masons has revealed a newly qualified (NQ) retention rate of 81 per cent, keeping 13 of its 16 spring qualifying trainees.
That is an increase on both the 73 per cent retention rate for September 2012 when the firm kept 54 out of 74 trainees and that achieved last spring when the firm achieved a 70 per cent retention after keeping 14 out of 20 trainees.
Apart from Pinsents, only three firms in the UK Top 20 produced increases on their previous spring retention rates – Clifford Chance up 6 per cent to 82 per cent, Simmons & Simmons up 56 per cent to 81 per cent and Taylor Wessing up 7 per cent to 86 per cent.
The biggest drop in retention this spring was experienced by Berwin Leighton Paisner which fell 24 per cent to 64 per cent.
Last week Pinsents made up 14 partners in its second promotions round since it took over Scottish firm McGrigors on 1 May last year (22 April 2013).
This year’s promotions were spread across real estate and energy, which received four new partners each, financial services, which received two, and corporate, infrastructure, sport and TMT, which received one new partner each.
Since Pinsents’ take-over of McGrigors the firm has held a number of redundancy rounds, cutting 47 support roles in August (24 August 2012) and 15 finance and knowledge management jobs in December (7 December 2012). The firm is currently in consultation over plans to cut 13 lawyers from its employment practice (11 April 2013).