Clifford Chance (CC) has cut back the number of trainees it takes on in London by almost one fifth, with an announcement on the firm's latest newly qualified (NQ) intake pushed back to January next year.

The magic circle firm has confirmed that it is reducing the target number of graduate trainees for its 2015 intake, with the new figure set at 100, down from a target of 120 in recent years.

The firm stated that the new target "follows more accurately the number of English-qualified lawyers we anticipate needing for our English law practice in the UK and the rest of the world in a few years' time".

The move mirrors a similar decision by Allen & Overy last year to scale back the number of London training contracts it offers, with the firm taking on 90 trainees per year from 2014 – down from the previous figure of 105.

The CC news, first reported on RollonFriday, comes as the firm delays the announcement of its final decisions on its latest NQ intake from December to January.

This July CC confirmed it was keeping on 77% of its autumn NQ intake, with 50 of 62 incoming trainees offered positions at the firm, of which 48 accepted. The firm also this year kept on 76% of its March NQs, with 39 trainees remaining at the firm from an intake of 51, meaning a total 87 of 113 were kept on over the two intakes.

This year's retention rates are slightly down on the firm's 2011 figures of 83% and 91% in September and March respectively, with 95 of 109 NQs joining the firm across the two intakes.

Earlier this year CC announced that trainee pay had been held at last year's levels, with first and second years receiving £38,000 and £43,000 respectively, while NQ lawyers will continue to receive £61,500. The firm also announced it would pay out bonuses this year, with NQ lawyers eligible to receive up to £73,800.

For more, see CC sets out new salary bands with pay rises for 1-3 PQE associates.