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Shearman & Sterling has offered 11 of its 13 trainees newly-qualified (NQ) positions, the equivalent of an 84.6 per cent retention rate for the London office of the US firm.
Shearman & Sterling kept seven of eight of its trainees last September, giving it a retention rate of 87.5 per cent. In September 2011, it offered 11 of 12 trainees newly-qualified roles and posted a retention rate of 91.5 per cent.
Two jobs have been given in the financial institutions advisory and financial regulatory department and three NQs have been recruited by the competition department. The finance department has taken on three NQs while tax has recruited one. A further two trainees are going to mergers and acquisitions, while one will work in project development and finance in the Abu Dhabi office.
London office managing partner Nick Buckworth said: “As a firm, we’re proud to invest in a comprehensive training scheme. Having young lawyers develop their careers with us is a great way to cement collaboration and a consistency of approach firmwide. This in turn means our lawyers work closely together irrespective of where they’re based or their specific practice area, to deliver the high quality international service our clients expect”.
The firm said it would continue to recruit 13 trainees, as it does every September.
Shearman’s London outpost outperformed the rest of the firm during the last financial year – it revealed a three per cent revenue rise to $112.6m while revenue at the remainder of the firm plateaued at $752m.
London headcount also rose by 28 per cent, from 114 to 146 lawyers. Most hires were at associate level, the firm having hired a number of partners in the previous year.