Clifford Chance retains 81% of autumn qualifiers as total London trainee intake continues to fall
London trainees taken on by magic circle firm has now almost halved since 2010
September 06, 2017 at 11:43 AM
2 minute read
Clifford Chance (CC) has announced a September trainee retention rate of 81%, with 42 out of 52 qualifying trainees staying on with the firm.
The magic circle firm made job offers to 42 qualifying solicitors, with all of the offers being accepted. Only one trainee did not apply for a role with the firm.
The latest figures come after just 31 of CC's 46-strong spring trainee intake (67%) stayed on at the firm on qualification this March. Forty-three applied and 33 offers were made.
CC has been steadily reducing its London intake since 2010, when it took on 136 trainees. This year's combined spring and autumn intake of 73 represents almost half of that figure, and is also down 12% on last year, when 83 were kept on.
Last year, London managing partner David Bickerton told Legal Week that the impact of the Brexit vote, as well as "increased efficiencies" in the way the firm delivers client services, would mean that the firm would continue to reduce the number of trainees it kept on.
In August, Freshfields announced a retention rate of 66%, with just 27 out of 41 qualifying trainees joining the firm. This contrasted with the firm's March retention rate of 84%, when 31 out of 37 trainees accepted jobs on qualification.
Magic circle firm Linklaters posted a September retention rate of 84%, with 47 out of 56 qualifying trainees staying on at the firm, while Allen & Overy's autumn retention rate was 85%, with 40 out of 47 qualifying trainees accepting offers.
Clifford Chance posted record-high financial results last year, posting double-digit increases in both revenue and average profit per equity partner (PEP). Turnover rose by 11% in 2016-167 to £1.54bn, with PEP rocketing by 12% to an average of £1.38m against almost static equity partner growth.
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