Allen & Overy (A&O) is to keep on 86% of its autumn qualifying trainees, the magic circle firm has announced.

A&O is the first magic circle firm to announce its autumn retention rate.

Thirty-six of the firm's 42-strong intake are set to stay at A&O on qualification. All but three of the intake applied for newly qualified lawyer roles, with 38 receiving offers. Thirty-six of those offered a job at the magic circle firm accepted the offer, a retention rate of 86%.

The percentage is the same as that retained by the firm last September.

Last year, A&O kept on 38 out of a total of 44 autumn trainees. Forty-two had applied for jobs with 41 receiving offers, equating to 86%.

James Partridge, partner and training principal at A&O, said: "The retention rate for September 2016 is pleasing and in line with what we would expect. It demonstrates our long-term commitment to recruiting and retaining our talented young lawyers."

The rate marks a dip from the rate of its spring round, when 91% of trainees accepted job offers.

The firm is currently advising on the $3.55bn (£2.73bn) sale of Thomson Reuters' intellectual property and science business to private equity houses Onex and Baring Private Equity Asia.

Allen & Overy's New York-based partner Peter Harwich is leading the A&O team advising Thomson Reuters. The team also includes antitrust co-head Elaine Johnston and senior counsel Brian Jebb.