Allen & Overy (A&O) has become the latest City firm to announce its March retention rates, with 56 out of 64 (88%) qualifying trainees offered a permanent position with the firm.

Out of the 56 trainees to be offered a newly-qualified (NQ) position, 54 accepted the offer, resulting in an overall retention rate of 84%.

The magic circle firm's most recent retention figure is slightly higher than the figure announced at the same time last year, when only 83% of qualifying trainees were offered a position and 80% were retained.

In September 2010, the offer rate was even lower, with only 50 out of 62 qualifying trainees being offered a place (81%) and just over three quarters actually staying on at the firm (76%).

Elsewhere, Nabarro has announced a January retention rate of 85%, with 11 out of 13 qualifying trainees being offered a position and 11 acceptances. All 11 candidates remaining with the firm were offered a permanent position in their first choice of department.

This figure is slightly below the firm's August retention rates for 2010, which stood at a record high of 90%. The 19 qualifiers to be offered positions all accepted, with only two candidates not offered a permanent job with the firm.

Simmons & Simmons, meanwhile, has reported an 80% retention rate for its March intake. The firm has retained 12 out of 15 NQs after all that were offered a position has accepted a job with the firm. The number compares with a final retention rate of 71% in August/September 2010 (25 out of 35) and 69% in March last year (11 out of 16).

The news comes three months after it was announced that CMS Cameron McKenna was due to take on only 63% of its trainees set to qualify in March 2011. The firm has 19 vacancies across its UK offices but has a 30-strong intake due to qualify as solicitors in its City headquarters.