Allen & Overy (A&O) has become the latest to confirm its spring trainee retention rates, with the magic circle firm seeing the number staying on dip to 70%.

The firm offered 38 of its 53 newly-qualified (NQ) lawyers a role, with 37 of these accepting.

The retention rate is significantly down on last spring's intake, when 52 out of 57 NQs were offered a position, with 51 accepting, resulting in a rate of 89%. This figure fell to 79% for its September 2012 qualifiers, when the firm retained 46 out of a total of 58 of its NQs.

A&O announced in 2011 that it was scaling back the number of London training contracts it offers by 14%, with the magic circle firm set to take on 90 trainees per year from 2014 – down from a figure at that time of 105.

Confirmation of A&O's retention rate comes after a host of UK and US firms have announced retention figures in recent days.

CMS Cameron McKenna posted a retention rate of 68%, with the firm keeping on 19 of its 28 qualifiers – its lowest result since autumn 2010. The figure compares with 81% in spring 2012 and 84% in autumn last year.

The firm's graduate recruitment partner Simon Pilcher commented: "This is a bit lower than usual but market conditions remain challenging."

White & Case meanwhile offered 13 of its 14 qualifying trainees a job at the firm, 12 of whom accepted, resulting in an 86% rate. Other firms announcing their retention rates include Ashurst, which has posted a figure of 70% after keeping on 19 out of 27 NQs, and Weil Gotshal & Manges' City arm which is keeping on both of its newly-qualified lawyers. Elsewhere Nabarro posted a rate of 78%, keeping on seven of nine trainees offered a position at the firm.