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US firm Shearman & Sterling has revealed that it is retaining 92 per cent of its newly qualified (NQ) solicitors in its autumn intake.
The firm confirmed it will be taking on 11 out of the 12 trainee solicitors who are due to qualify in September 2010, giving it a retention rate of 92 per cent. The result is much higher than the 64 per cent it achieved in 2009.
London office managing partner Anthony Ward said: “We look forward to working with our newly qualified solicitors and to helping them develop their careers further. More than 60 per cent of our partners in the office joined the firm as associates or trainees and we would like this trend to continue.”
The trainees will qualify into competition, corporate, finance, litigation and project development and finance. Two trainees are moving to the firm’s Abu Dhabi and Brussels bases upon qualification.
The news comes after Taylor Wessing came forward as the first major law firm to reveal its September 2010 NQ retention rate (see story).
It announced that it would be taking on 19 out of the 24 trainee solicitors who are due to qualify in September 2010, giving it a retention rate of 79 per cent.
The only other firm to so far announce an autumn retention rate is Denton Wilde Sapte, which said it hoped to achieve an 80 per cent figure following a 14 per cent retention rate for its spring 2010 qualifiers (see story).