Clifford Chance (CC) is set to keep on 76% of its March newly-qualified lawyers, significantly lower than magic circle rivals Allen & Overy and Freshfields Bruckhaus Deringer and the firm's own equivalent figure for 2011.

CC will keep on 39 trainees from an intake of 51, 48 of which applied for posts with the firm. This time last year the firm posted a retention rate of 91%, keeping on 52 new qualifiers.

News of CC's retention rates comes as top 10 UK firm Ashurst also announced its retention rates, with the firm set to keep on 78% of its March qualifiers. Out of a total of 27 qualifying at the firm, 24 applied for positions with all 21 of those offered jobs accepting.

Freshfields Bruckhaus Deringer and Allen & Overy (A&O) both announced an 89% retention rate for March earlier this week (24 January). Freshfields offered 42 of its 46 February NQs a place at the firm, with 41 accepting, while A&O offered 52 of 57 March NQs a job at the firm with 51 accepting.

Other firms announcing retention rates so far include SJ Berwin, which is retaining 100% of March NQs, Norton Rose, which is keeping on 78%, Berwin Leighton Paisner , which is keeping on 88% and Stephenson Harwood, which has retained 83%.

A survey of 123 commercial law firms by Chambers Student Guide showed that trainee retention rates at UK law firms are continuing to recover from the impact of the last recession, increasing for a second consecutive year. It found 80.5% of 2,253 NQ lawyers were kept on by their firms after qualification.