Kirkland City trainee retention falls to 55%
US firm announces sharp drop in London rate
July 27, 2017 at 10:52 AM
2 minute read
Kirkland & Ellis has seen its 2017 trainee retention rate in London drop to 55%.
The firm confirmed that five trainees out of nine are to stay on in permanent roles in September.
Kirkland posted a 100% retention rate in 2016, when all seven qualifiers who began their traineeship in 2014 were kept on.
Earlier this year, Kirkland put a cap on associate salaries in London to avoid large fluctuations in pay caused by volatile exchange rates.
The firm is understood to have introduced an upper end limit at $1.63 to every £1 and a lower end cap at $1.25 to every £1.
The changes only apply in London.
The firm also posted its 2016 financial results in April, with revenue rising 15% to $2.65bn (£2.12bn) and profit per equity partner (PEP) passing the $4m mark.
The firm, which in recent years has taken steps to change an 'eat-what-you-kill' reputation, saw PEP soar nearly 14% to $4.1m (£3.3m) last year.
Other major firms to have announced trainee retention rates include Slaughter and May, which is retaining 91% of its cohort of trainees this autumn.
The rate is up compared to last year's autumn intake, when the firm kept on 89% of its trainees.
Slaughters remains the only magic circle firm to have announced retention rates thus far.
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