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Trainees affected by the collapse of Scottish firm Semple Fraser have been rescued by local firms but face very different futures.
Maclay Murray & Spens has taken on four ex-Semple Fraser trainees. All four have entered the same practice areas as at Semple Fraser and will be treated as any other trainees at the firm with regard to staying on post-qualification. One is due to complete their training contract in May, two will complete in August and one joined the firm in September.
One trainee who transferred with a supervising partner to McClure Naismith has just two months until his training contract finishes, but it is unlikely that he will stay on after qualification.
A trainee now at Anderson Strathern is 18 months into his banking training contract and will stay within the banking team. Semple Fraser operated fixed training contracts, in which trainees stayed within a single department for the duration of their training. He moved to the firm with a banking partner and associate.
His fate is as yet unknown as Anderson Strathern reasoned: “It really depends on the workload, no trainee is guaranteed a place.”
A spokesperson for Dundas & Wilson, which recruited five ex-Semple trainees into its Edinburgh office, said: “It would be unfair to the trainees to speak about individual cases - the company takes its responsibility to training very seriously and are happy to honour the contracts.”
Semple Fraser collapsed last week, with management stating: “It is clear that the business is no longer sustainable in this market and the partners have no option other than to place the firm in administration.”
In other trainee news, it emerged earlier this week that major City firms are manipulating their retention rate figures by handing out short-term contracts to qualifying trainees (11 March 2013).