Allen & Overy (A&O) has become the first major law firm to post retention rates for its spring 2014 intake, with the firm set to keep on 84% of its newly-qualified (NQ) lawyers.

The magic circle firm has offered roles to 42 of 45 trainees that applied to qualify, out of a total intake of 49, marking a 93% offer rate. Of these, one chose not to accept a position.

The 84% retention rate is up on the firm's September intake this year, when the firm held on to 72% of its NQs. Of a 54-strong cohort, 51 had applied to qualify, with the firm offering jobs to 45. Thirty-nine of the group accepted the offer, equating to the result of 72%.

Both results are an increase on its spring 2013 retention rate, when the number of NQs staying on at the firm dipped to 70%. At the time, the firm offered 38 of its 53 newly-qualified (NQ) lawyers a role, with 37 of these accepting.

The magic circle firm confirmed earlier this year that it will trim back the number of trainees it takes on from 2015, marking A&O's third reduction in graduate recruitment in four years.

The magic circle firm will recruit 85 trainees every year as of 2015, down from the current annual intake of 90, with the decision coming after the firm two years ago announced it would scale back the number of London training contracts it offers from 105 to 90 from 2014.

The firm had announced at the height of the financial crisis in 2009 that it would cut its trainee intake from 120 to 105 from 2011.

Magic circle peer Clifford Chance last December also said that it will reduce the target number of graduate trainees for its 2015 intake, with the new figure set at 100, down from a target of 120.