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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Herbert Smith Freehills has revealed a retention rate of 88 per cent, its highest since spring 2012.
The City firm offered 30 of its 34 second year trainees newly-qualified (NQ) roles with the firm, and all accepted.
Last spring it offered 24 of 32 qualifiers an NQ position with the firm, resulting in a 75 per cent retention rate, while its autumn 2012 rate was 80 per cent, when it offered 45 of its 56 qualifiers jobs.
Last year, legacy Herbert Smith partners voted on a full financial merger with Australia’s Freehills (21 June 2012), with the combined firm launching in October. It has since unveiled its first financial results since merging, with net profit of £137.2m for the six months between October 2012 and April 2013. This compares to Herbert Smith’s full-year results of £480m in the 2011/12 financial year, prior to its October merger with Freehills.
CEO David Willis said: “We made good progress in respect of our two main priorities in this period, clients and integration. Inevitably however, work flow was impacted by on-going uncertainties about the Eurozone and also challenging market conditions in Asia and Australia.”
Mishcon de Reya also revealed its retention rate today. The firm retained six of a cohort of seven qualifiers, giving it a retention rate of 86 per cent.