Trio post retention rates as Wragges trainees turn down £5k deferral offer
Slaughter and May, Ashurst and SNR Denton have all posted healthy September trainee retention rates, with Slaughters set to keep on 91% of its newly-qualified (NQ) lawyers. Forty-two of Slaughter's 46 qualified trainees have been offered places at the firm, with the 91% figure marginally up on the firm's March intake this year, when 90% were kept on at the magic circle firm. A further two trainees resigned from the firm before the qualification process began.
July 10, 2012 at 07:11 AM
3 minute read
Slaughter and May, Ashurst and SNR Denton have all posted healthy September trainee retention rates, with Slaughters set to keep on 91% of its newly-qualified (NQ) lawyers.
Forty-two of Slaughter's 46 qualified trainees have been offered places at the firm, with the 91% figure marginally up on the firm's March intake this year, when 90% were kept on at the magic circle firm. A further two trainees resigned from the firm before the qualification process began.
Slaughters posted the highest retention rate among the UK's top law firms last September, after keeping 100% of 59 NQs in its 2011 autumn intake.
Meanwhile, Ashurst has also confirmed an increased retention rate for its autumn intake, with the UK top 10 firm set to keep on 83% of its 29-strong intake, up from March's figure of 78%.
Of a total of 29 NQs, 24 will be kept on this autumn after 27 applied for jobs at the firm. In March, 21 of 27 NQs – 24 of whom were applicants – accepted job offers.
Elsewhere, SNR Denton has kept on 83% of its trainee intake across its London and Milton Keynes offices, up from 60% in March's round. The firm is retaining 24 of 29 qualifying trainees, with the figure marking an 8% rise from last September's intake.
SNR Denton trainee recruitment partner Jeremy Cape commented: "It is particularly pleasing that 100% of those who received offers from us accepted them. As a firm we remain committed to attracting, developing and retaining the best talent for our clients and our business."
Separately, Wragge & Co's trainee intake for September is set to proceed as expected after its incoming trainees rejected a voluntary offer of £5,000 to defer their training for one year.
The entire intake, who are due to commence their training in September, were contacted recently and given the option of delaying their start date until 2013 in return for the cash payment. Despite nobody taking up the option, Wragges has confirmed that all 24 trainees will still be able to take up their place as normal.
Managing partner Ian Metcalfe said: "We are able to accommodate everyone due to start in September 2012, and Wragge & Co remains in a strong position, but events in the economy are still having an impact on the legal sector. In light of this, we think it sensible to ask people with a current offer to join the firm's training programme if they would like to volunteer to defer for twelve months."
The news comes after Wragges last month posted a 5% increase in revenues for 2011-12 to £118.2m.
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