Ashurst has retained 95% of its 20-strong second year trainee cohort, with 19 of those in London accepting permanent newly-qualified (NQ) solicitor contracts at the firm.
All offers the firm made were accepted by the candidates, with 13 heading to NQ positions in the firm’s corporate division, while three moving to roles in finance and the disputes practice.
The firm’s latest figures reflect a considerable jump for the firm, which in March successfully retained 85%, or 17 of its group of 20 trainees. In September, 14 Ashurst second-year trainees agreed to join the firm out of a group of 20, taking retention to 70%.
Ashurst’s graduate recruitment partner Nick Wong said the firm was pleased with its latest round: ‘Attracting, developing and retaining the best people is critical to the success of our business and we are confident that these talented young lawyers will make a significant contribution to Ashurst over the course of their careers.’
Ashurst has also increased its pay for its NQ associates by 3% with a rise to £72,000.
Junior Ashurst lawyers with one and two year’s post qualified experience will receive an extra £1,000, boosting their pay to £76,000 and £86,000 respectively.
First year trainees have also received a £1,000 rise this financial year, with pay increasing to £42,000.
Late in June, the firm revealed improved financial results for the 2016/17 financial year. Ashurst’s revenues rose 7% to £541m, up from £505m the previous year when profits fell 10%.
Profits per equity partner for the financial year rose 11% to £672,000 following a 19% drop in 2015/16, when numbers plummeted from £747,000 to £603,000.