Shearman & Sterling has become the first firm to announce its trainee retention rate for this autumn.

The American firm is keeping on 13 of 16 final-seat trainees as newly-qualified solicitors, or 81 per cent.

Twelve out of the 13 NQs will be based in London, with one trainee taking up a position in international arbitration in Abu Dhabi .

Shearman head of London Matthew Readings said: “We are delighted that these talented lawyers will be building their careers here. As a firm we are committed to being an employer of choice and attracting and retaining the best talent. We look forward to continuing to work with our newly qualified colleagues as they progress in their exciting legal careers.”

The NQs will enjoy the new £120,000 pay rate announced by Shearman earlier in May.