Linklaters is holding onto 50 of its 66 trainees due to qualify in September, giving it a retention rate of 75%.

Of the 66 qualifying three resigned before the process started, which would give the magic circle firm a retention rate of 79% when based only on those applying for jobs.

Overall, retention rates are down across the City as a result of the downturn. Linklaters figure puts it ahead of its magic circle rivals Freshfields Bruckhaus Deringer and Clifford Chance, both of which have confirmed they are retaining 70% of their trainees. Allen & Overy has also indicated that it will keep on a similar figure.

Slaughter and May has the highest retention rate in the magic circle, holding onto 47 of its 50 qualifiers, giving it a 94% retention rate – the highest of any City firm to date.

Ashurst is set to keep just over 73% of its trainees – 22 of the 30-strong intake, while Norton Rose is to keep on 20 out of 24 – 83%. Top 10 firms including Lovells, Eversheds and DLA Piper yet to announce their September retention rates.

Separately, Slaughters has dropped its newly-qualified rate in line with the rest of the City. The magic circle firm will cut the NQ rate down to £61,000 from £66,000. The move comes after the firm froze salaries earlier this year – saying at the time that it would review NQ rates at a later date.