Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals

Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals

Freshfields Bruckhaus Deringer is fighting the war on talent by becoming the first Magic Circle firm to raise its pay for newly-qualified (NQ) solicitors to £100,000.

The £15,000 salary uptick is symbolic, given the pressures imposed on the City elite by US competitors in recent years. There will also be a discretionary bonus on top of the new NQ salary. Continue reading “Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals”

Linklaters sets sights on future talent as it raises trainee and NQ salaries for second time

Linklaters sets sights on future talent as it raises trainee and NQ salaries for second time

Linklaters has announced the second increase in its trainee and newly qualified (NQ) salaries this year, with the latter now bringing home £83,000 in basic pay.

NQs have seen their basic pay increase by £2,000 since the firm last increased its rates in May, while trainees in year one have become the highest paid in the Magic Circle after remuneration rose by £3,000 to £47,000. Second-year trainees have seen salaries grow by £3,500 to £52,500. Continue reading “Linklaters sets sights on future talent as it raises trainee and NQ salaries for second time”

Trainee retention: Linklaters, Gowling, Macfarlanes and Ince keep rates high for the autumn

Trainee retention: Linklaters, Gowling, Macfarlanes and Ince keep rates high for the autumn

Linklaters is the latest Magic Circle firm to post its trainee retention numbers, retaining 84% of its 56-strong cohort.

This proportion was slightly down on its 91% autumn retention rate last year. 53 offers were made to this year’s group, with 47 accepting positions. Last week Allen & Overy posted a retention rate of 85% while Freshfields Bruckhaus Deringer retained 66% of its cohort. Continue reading “Trainee retention: Linklaters, Gowling, Macfarlanes and Ince keep rates high for the autumn”

Trainee retention: Latham and Kirkland report contrasting City rates as Magic Circle firms start to post 2017 figures

Trainee retention: Latham and Kirkland report contrasting City rates as Magic Circle firms start to post 2017 figures

Latham & Watkins has managed to retain 95% of its City trainees in its latest round, contrasting with Kirkland & Ellis, which has kept on just over half of its cohort.

Meanwhile Allen & Overy (A&O) and Freshfields Bruckhaus Deringer posted their autumn trainee retention rates this week. Continue reading “Trainee retention: Latham and Kirkland report contrasting City rates as Magic Circle firms start to post 2017 figures”

HSF’s qualifying trainee retention rate falls as Stephenson Harwood keeps 90% of intake

HSF’s qualifying trainee retention rate falls as Stephenson Harwood keeps 90% of intake

Herbert Smith Freehills‘ (HSF) qualified trainee retention score has dipped to 80% while City-headquartered firm Stephenson Harwood recorded a significant increase in its autumn 2017 trainee retention rates for this autumn.

At the same time last year, in contrast, HSF retained 94% of its autumn qualifying trainees. Continue reading “HSF’s qualifying trainee retention rate falls as Stephenson Harwood keeps 90% of intake”

Watson Farley to retain all its qualifying trainees as Mishcon’s rate falls to 64%

Watson Farley to retain all its qualifying trainees as Mishcon’s rate falls to 64%

Watson Farley and Williams will retain 100% of its autumn 2017 qualifying trainees, while Mishcon de Reya‘s rate of retention has dipped below 80% for the first time in three years.

All of Watson Farley’s 15 final-year trainees will stay at the firm on permanent newly-qualified lawyer (NQ) contracts, marking a modest improvement over last year’s autumn trainee retention rate when 13 out of 14 or 93% of its trainees were kept on. Continue reading “Watson Farley to retain all its qualifying trainees as Mishcon’s rate falls to 64%”

RPC to retain 82% of trainees to newly-qualified roles as firm performs in Asia

RPC to retain 82% of trainees to newly-qualified roles as firm performs in Asia

City-headquartered professional services firm RPC will retain 82% of its trainees this autumn, a 15% increase from last year’s intake, as the firm sees growth in its Asia business.

The firm said that 14 of its 17 London-based second-year trainees have secured newly-qualified (NQs) roles at the firm, the majority of which will work in its London office while of the remaining two, one will be based in Bristol and the other will permanently transfer to its Hong Kong office in January 2018. Continue reading “RPC to retain 82% of trainees to newly-qualified roles as firm performs in Asia”

Fieldfisher posts 100% autumn trainee retention rates for second consecutive year

Fieldfisher posts 100% autumn trainee retention rates for second consecutive year

Fieldfisher is retaining all of its London-based trainees for a second consecutive year, with a 13-strong cohort qualifying into a range of practice areas.

The newly-qualified lawyers (NQs), who will earn £63,000 a year, will join Fieldfisher’s corporate, dispute resolution, employment and pensions, finance, intellectual property, regulatory, property litigation and technology practices. Continue reading “Fieldfisher posts 100% autumn trainee retention rates for second consecutive year”

Trowers and Withers post fall in autumn trainee retention rates

Trowers and Withers post fall in autumn trainee retention rates

Trowers & Hamlins will retain 70% of its second-year trainees in newly-qualified (NQ) roles this autumn, while Withers has decided to keep 73% of its final-year group this year, both a fall from last year’s retention rates.

Seven Trowers’ trainees from ten-strong cohort will be retained to qualify into the firm’s commercial property, corporate, construction and real estate departments. Continue reading “Trowers and Withers post fall in autumn trainee retention rates”