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With SNR Denton’s three-way merger fast approaching the firm has reported a 90 per cent retention rate for its March 2013 newly qualified (NQ) solicitors.
Of the 10-strong trainee cohort, nine were made offers; all of whom accepted.
That result is a significant boost on its September 2012 rate of 79 per cent, and its Spring 2012 rate of 60 per cent when it retained six out of ten trainees.
Seven of the NQ positions are in London with two trainees qualifying into energy, infrastructure and project finance, two into dispute resolution, one into banking, one into real estate and one into technology, media and telecoms.
The other two trainees have qualified into international seats, one into construction in Dubai and one into corporate in the fims Muscat office in Oman.
On 28 March SNR Denton is scheduled to launch its merger with European firm Salans and Canada’s Fraser Milner Casgrain. The firm will be known as Dentons and have no official geographical headquarters (22 February 2013).
According to the firm’s latest LLP accounts, the average number of employees at SNR Denton’s UK LLP – which includes its Europe, Middle East and Africa operations – throughout the 2011/12 financial year was 994, down 9.1 per cent on the previous year when it was 1,094.
While cost cutting meant that SNR Denton’s profit before tax rose 39.6 per cent, from £22.5m to £31.4m in 2011/12. The increase was in spite of a difficult trading year. In the accounts, management state that “transactional activity was low” throughout the 2011/12 financial year, with revenue down 5 per cent, from £144.8m to £152.4m.
Last week, Lawyer2B revealed that demand for NQs has fallen among the UK’s top firms (26 February 2013).