NEXT
Sign in to follow

International Edition

Bonus season – the pros of treating junior lawyers fairly, if not equally

Back in May, Legal Week tallied up the number of law firm jobs placed at risk of redundancy over the previous 12 months. The figure reached was a rather shocking 1,300, including some 750 jobs that had actually been cut at that point. Since then, the number of firms announcing redundancy programmes has slowed dramatically, although not completely. Several firms including DWF, Taylor Wessing and Bond Dickinson have made cuts – particularly following mergers and back office outsourcing deals.
3 minute read

Legal Week

Bonus season – the pros of treating junior lawyers fairly, if not equally

Back in May, Legal Week tallied up the number of law firm jobs placed at risk of redundancy over the previous 12 months. The figure reached was a rather shocking 1,300, including some 750 jobs that had actually been cut at that point. Since then, the number of firms announcing redundancy programmes has slowed dramatically, although not completely. Several firms including DWF, Taylor Wessing and Bond Dickinson have made cuts – particularly following mergers and back office outsourcing deals.
7 minute read

International Edition

NQ intake at London offices of top US firms dips by 6%

The intake of newly qualified lawyers (NQs) at the largest US and international firms in the UK fell by 6% in the last year, highlighting the continued uncertainty for lawyers at the junior end of the profession. Just a handful of firms in the group of 21 surveyed by Legal Week posted year-on-year increases in the number of NQs who were offered and accepted a training contract. These included Mayer Brown, Shearman & Sterling, McDermott Will & Emery and Sidley Austin. Sidley Austin, alongside Paul Hastings and Skadden Arps Slate Meagher & Flom were the only firms to retain 100% of their intake. The research also highlighted the sizeable impact US and international firms have had on the graduate recruitment market, with Reed Smith, Dentons and Baker & McKenzie each taking on at least 25 NQs in 2013.
3 minute read

International Edition

Trainee retention rates at UK top 10's HK bases remain high as firms continue to invest in Asia

Trainee retention rates at the Hong Kong offices of the UK's top 10 law firms have remained broadly static on last year as firms continue to invest in Asian markets, despite a comparatively uncertain year for the local economy. Ninety percent (55 out of 62) of newly qualified lawyers (NQs) at the UK's top firms in Hong Kong were offered jobs this September, all of whom accepted, according to research by Legal Week.
3 minute read

International Edition

Hearts and minds: law firms must engage their staff to avoid fragmented cultures

We're living in uncertain times, and the legal industry is facing complex challenges. Clients are becoming more demanding, and competition to win and retain them has intensified. Mergers and acquisitions, globalisation and the rise of the virtual law firm can lead to fragmented cultures. Alongside this, you have the frustration of junior lawyers and associates facing a longer wait for partnership, and evidence that many firms are shrinking the relative size of their equity partnerships.
5 minute read

International Edition

Belt-tightening takes its toll as newly qualified recruits dip 6%

The number of newly qualified (NQ) lawyers accepting roles at the UK's top 20 law firms has fallen 6% year-on-year as the effects of the uncertain market continue to be felt at the lower end of the profession. In total 672 NQs took up roles at the top 20 firms this year, a drop of 6.3% on the autumn 2012 qualifying round, in which 717 lawyers were recruited, according to research by Legal Week. The trend reflects a broader dip in the number of qualifying lawyers this year, with cutbacks in firms' graduate recruitment during the worst of the downturn now playing out further down the line. There was a total of 825 qualifying lawyers across the group this autumn, down 7% from last year's figure of 887, with firms including Eversheds, Herbert Smith Freehills and Simmons & Simmons all seeing a decrease in the number of NQs coming through the ranks this year.
4 minute read

International Edition

Eversheds and Clydes announce retention rates for autumn intakes

Eversheds and Clyde & Co have become the latest UK top 50 firms to confirm their autumn trainee retention rates for 2013, following a clutch of announcements in recent weeks. Eversheds is keeping on 84% of its newly qualified (NQ) lawyers this autumn after offering 40 of its 45 qualifiers a role at the firm, with 38 accepting. The percentage is flat on last autumn's round, when the firm retained the same proportion of NQs.
3 minute read

International Edition

Law firm optimism grows despite flat volumes in last quarter, CBI study reveals

Hopes for increased business volumes and profitability at law firms have reached their highest peak since 2007, according to a survey of senior industry professionals. The report, produced by the Confederation of British Industry (CBI), found that although respondents from management, legal and other professional services reported that business volumes were flat over the last quarter, firms were confident that business volumes would pick up over the coming three months.
3 minute read

International Edition

Ex-Dewey trainees qualify at Ropes as Latham expands London intake

Ropes & Gray and Latham & Watkins have set out plans to expand their trainee programmes in London, as both firms post strong retention rates for their autumn qualifying intakes in the City. Ropes has retained all five of its newly qualified (NQ) lawyers - the first batch to qualify with the firm in the City - with the autumn intake including a number of ex-Dewey & LeBoeuf trainees cast adrift when the firm collapsed last year.
3 minute read

International Edition

A&O trims annual trainee intake for third time in four years

Allen & Overy (A&O) has announced that it will trim back the number of trainees it takes on from 2015, as the firm joins Olswang and Wragge & Co in confirming retention rates for its autumn qualifiers. The magic circle firm will recruit 85 trainees per year as of 2015, down from the current annual intake of 90.
3 minute read

More from ALM

More from ALM

Legal Speak is a weekly podcast that makes sense of what’s happening in the legal industry.

Resources

  • Why Embracing Change Is Essential for Your Legal Department

    Brought to you by DiliTrust

    Download Now

  • International Export and Trade Assistance State Law Survey

    Brought to you by LexisNexis®

    Download Now

  • How This Personal Injury Firm Reduced Client Intake Time by 80%

    Brought to you by PracticePanther

    Download Now

  • The Hidden Cost of Bad Reviews: Why Law Firms & Attorneys Can't Afford a Damaged Online Reputation

    Brought to you by Erase.com

    Download Now