Slaughter and May has become the first magic circle firm to announce its autumn trainee retention rate, with the firm retaining 89% of its cohort of trainees.

The firm confirmed today (July 16) that two trainees, out of the total 37, withdrew from the process before the qualification offers were made. It made offers to all of the remaining 35 and two opted to decline a role at the firm.

The autumn retention rate is a sharp drop compared to 2014 when the firm retained 97% of its autumn qualifying trainees, with only one turning down the offer to become a newly qualified lawyer.

However, it is broadly on par with this year's spring retention rate when the firm made offers to 37 of the 40 trainees applying to be kept on as newly-qualified solicitors. Two trainees opted not to apply, meaning retention from the overall pool stood at 88%.

The firm declined to provide details of which practice areas the newly qualified lawyers will be joining.

This week, Taylor Wessing announced that it would retain 87% – 20 out of 23 – trainees as newly qualified solicitors in September. This is down from 91% for the equivalent cohort in 2014.

However, other firms have recently posted retention rates of up to 100%. Also this week, Jones Day said it would retain all of its 15 second year trainees as newly qualified lawyers in its London office.

Last week, White & Case and Sullivan & Cromwell also posted 100% retention rates for London trainees qualifying in September this year.

In June, Latham announced that it will keep 95% of its London trainees when they qualify this September while Shearman & Sterling will retain all of its 13 trainees.