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Wragge and Co has revealed a retention rate of 67 per cent for its March new qualifiers (NQ), following the downward trend among the UK top 20 firms.
Four out of a cohort of six trainees will be staying at the firm in NQ positions. This time last year, all six trainees stayed at the firm, resulting in a 100 per cent retention rate.
The firm announced an 84 per cent rate in autumn 2012, with 21 of 25 trainees staying on.
Last summer, 21 future trainees were each offered £5,000 to defer the start of their training contracts for one year until September 2013. None of the trainees accepted the offer.
Asked whether the firm was being cautious following its deferral offer, partner and training principal Baljit Chohan said: “We’re not being cautious, no. We’ve habitually taken on fewer trainees than a comparable firm. We recruit people rather than numbers.”
Turnover at the firm rose by 5 per cent in the 2011/12 financial year. The firm also ended its internal promotions freeze last year. International offices brought in just 11 per cent of turnover but Wragges’ Guangzhou office is doing particularly well at the moment with turnover jumping from £0.3m to £1m.