Linklaters retains 80 per cent of September NQs
Linklaters has offered jobs to nearly 80 per cent of its trainees, the highest retention rate in the magic circle.
The firm retained 50 of the 66 trainees due to qualify in September 2009, but as three trainees resigned during the qualification process it has actually retained 50 out of 63. That equates to a retention rate of 79 per cent.
The other two magic circle firms to release their retention rates, Freshfields Bruckhaus Deringer and Clifford Chance, have both kept on around 70 per cent of trainees (29 June 2009).
Allen & Overy has warned that its figure is likely to be around the 70 per cent mark.
All three firms have seen trainee retention plummet during the last year, with more than 80 per cent of September 2008 qualifiers offered positions.
Slaughter and May plans to keep on 47 of the 50 newly qualified (NQ) solicitors due to qualify in September 2009 a slight improvement on last year’s figure of 92 per cent.
In terms of smaller firms, Farrer & Co has joined Bird & Bird and Cleary Gottlieb Steen & Hamilton in the 100 per cent club after offering jobs to all 10 of its September 2009 qualifiers.
Meanwhile, Norton Rose has reported a retention rate of 83 per cent after offering jobs to 20 out of 24 NQs. This is a slight drop from last September’s figure of 90 per cent.
Readers' comments (9)
Space Cash | 15-Jul-2009 1:55 pm
Seems that the retention rates aren't as bad as could have been expected, still far from ideal though.
Does anyone know why the three resigned?
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Anonymous | 15-Jul-2009 4:38 pm
Because those three couldnt bear it anymore!
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Panhandler | 15-Jul-2009 5:32 pm
Yeah the dole's a better option than qualifying as a solicitor, better prospects.
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Anonymous | 15-Jul-2009 9:25 pm
I imagine it's incorrect that they have resigned and will not qualify. Maybe they just didn't want to stay with Linklaters - the law in the magic circle is not for everyone you know.
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Anonymous | 15-Jul-2009 10:56 pm
Probably just more of the same from Linklaters. That is, multi-millionaire partners bullying £40,000 a year trainees into leaving. What a great place.
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Clarence Boddicker | 16-Jul-2009 10:41 am
Did they resign or "resign"?
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Anonymous | 18-Jul-2009 12:19 pm
Whether they resigned or whether they "resigned", it doesn't really make a difference...
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Anonymous | 20-Jul-2009 6:31 pm
It is quite usual for a handful of trainees to decide themselves that they won't stay on. Same happens at my firm most years and happened when I qualified too. People just decide to do other things, move abroad, whatever. Some just aren't cut out for this job. No disgrace in that, but nothing sinister either (and certainly no need for embarassing suggestions of bullying). If anything, 3 is a surprisingly small number - it might arguably be higher, not lower, in a more buoyant market.
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Anonymous | 23-Jul-2009 4:18 pm
Perhaps they were offered jobs in areas of law that were not areas into which they wanted to qualify.
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