NQs face dole queue as retention rates drop
Newly qualified (NQ) retention rates for September 2009 qualifiers at a number of leading law firms have plummeted as worsening economic conditions hit the employment market.
Karen Potts
Clifford Chance has become the latest magic circle firm to report a slump in its trainee solicitor retention rate.
The firm has confirmed that it has 70 trainees qualifying in September and plans to retain at least 49, giving it a retention rate of around 70 per cent.
This would put the firm’s retention rate on par with fellow magic circle firm Freshfields Bruckhaus Deringer’s.
Clifford Chance’s retention rate for September 2008 NQs stood at around 95 per cent, while Freshfields held on to 39 out of 40 NQs last year, giving
it a retention rate of 97 per cent.
Allen & Overy (A&O) and Linklaters have not finalised their qualification processes yet, but A&O has already warned final-seat trainees that its retention rate is also likely to be around the 70 per cent mark.
One magic circle NQ said: “I think the class of 2009 have had it really bad. It’s really tough because there are less jobs and those who are qualifying are working for less money; and on top of that there are far fewer career opportunities for those not kept on.”
Slaughter and May plans to keep on 47 of the 50 NQs due to qualify in September 2009 - a slight improvement on last year’s figure of 92 per cent.
Further down the pecking order, 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.
The firm’s HR manager for trainees and recruitment Karen Potts said: “In comparison with last year, it’s going to be much more difficult for NQs who haven’t been retained to find a position elsewhere, because the jobs market is even tougher.”
In a bid to combat the difficult market conditions many firms are offering outplacement services to NQs who are not retained.
Mark Allsup, director of outplacement specialist DBM, said: “People will start to realise there are choices outside the legal sector and maybe start to look at other things like corporate advisory roles in the financial sector.”
Denton Wilde Sapte has reported a retention rate of only 48 per cent after offering jobs to 15 out of 31 NQs. Last year it retained a healthier 81 per cent.
Graduate recruitment partner Jeremy Cape said the firm had told all leavers to keep in contact for future opportunities.
“Although the market is pretty horrendous at the moment, I do hope that many will decide to stay with the law,” said Cape. “Who knows, we may need to expand in the future and we would of course look to former trainees who know our culture and business needs.”
Blake Lapthorn has so far confirmed the lowest retention rate after offering NQ positions to just two out of 14 trainees. The firm’s retention rate of 14 per cent is in stark contrast to last September, when it kept hold of 11 out of 15 NQs.
Elsewhere, Bircham Dyson Bell’s retention rate also plummeted to 40 per cent after it offered jobs to just four out of 10 NQs.
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Readers' comments (42)
Anonymous | 6-Jul-2009 1:40 pm
ignore these 'grammar' idiots - they are the ones getting squeezed out for being crap.
there will be fewer and less of them in the years ahead (thank gawd)
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Anonymous | 6-Jul-2009 2:54 pm
Anonymous of 1.40pm - I don't think you get squeezed out for having good grammar.
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Anonymous | 7-Jul-2009 1:45 pm
Anonymous @ 1:40 pm - your point is rubbish.
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KRUSTY THE CLOWN | 8-Jul-2009 2:35 pm
Those poor NQs need help and support, not ridicule.
I think that these firms should offer support groups and therapy workshops like:
Using a Knife and Fork - Unlocking the Code;
Coping with Daylight - A Beginner's Guide
Chin Transplants - Cosmetic Surgery for getting on in the Real World
Spinal Implants - Believe the Hype
Poor babies!
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Anonymous | 9-Jul-2009 2:12 pm
I AM NOT A LAWYER, HOWEVER A VERY CLOSE FAMILY MEMBER ISABOUT TO FINISH A TWO YEAR TRAINEESHIP, WITH NO JOB. SHE HAS STUDIED 4YEARS HONOURS, 1 YEAR POST GRAD LEGAL CERT, TWO YEAR TRAINEESHIP AND FOR WHAT THE DOLE. OW SAD! i AGREE i THINK THE BIG COMPANIES FORGET ABOUT THEIR nq'S FROM THEIR BRANCH OFFICES E.G. SCOTLAND
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Anonymous | 9-Jul-2009 4:02 pm
‘whatever happens in the next one or two years, the world economy will double over the next 20 years.’ Gordon Brown
I suspect that the job market for those fortunate enough to be qualifying in 2012, 2013 or 2014 will be very different from the job market today.
To Anonyomous at 2:12pm. Tell her to do a two year placement with Voluntary Service Overseas. There will never be enough English teachers in the developing world. She can get an abundance of life experience, particularly cross-cultural and international experience, which will stand her in very good stead when the market turns around.
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Mature NQ | 10-Jul-2009 11:35 am
Astonishing.
Regarding the pedantry - whilst you're all correct that accuracy is important, may I just remind you that this is *only* a comments board! Most contributors type a quick paragraph or two during their working day (myself included, I hasten to add) so who gives a hoot if an off-the-cuff anonymous comment is not absolutely correct? There is no editing feature, and I'm sure all our employers would prefer we get on with the paid work. It's not like many people put their name to their submission anway. In this context, it's just not important.
Besides, if a petty criticism concerning grammar is the absolute best response you can come up with, then I'm not sure you're fit to be a lawyer either. Pointing out someone else's faults without actually addressing their point is deeply unimaginative and not at all clever.
Even though this has all been incredibly amusing to read, for the love of all that's holy just grow up. In the internet age, if you take insignificant comments boards (of which there are many) this seriously, I suggest you find a new soothing hobby and step away from the computer.
@ Metallica - what to do if you don't get offered an NQ position? go out and find another. They won't beat a path to your door. Be prepared to move, be prepared to be flexible about which area of law you qualify into, and be prepared to leap out of your comfort zone. If you've invested thousands on your education, it'd be daft not putting in the effort to see it through. I'm glad I did just that, It was tense and unpleasant for a while, but with a bit of hard work I got the better end of the deal.
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Anonymous | 10-Jul-2009 1:56 pm
Mature NQ, I think you've missed the point. I imagine that most posters DIDN'T take this message board seriously and were just having a laugh*. Unfortunately (for you - not us), your post has "bear trap fodder" written all over it...
(*The definition of "a laugh" may vary from person to person)
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Anonymous | 10-Jul-2009 2:02 pm
p.s. - Your use of a split infinitive in your final paragraph was unacceptable.
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Anonymous | 13-Jul-2009 4:29 pm
I qualified, moved out of London, got a great job in a regional firm and get home by 6pm every night! Can't believe people still want to work in law factories at all hours of the night and day! There's more to life.
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