London-based magic circle practice Allen & Overy was the latest unveil its retention rates yesterday, with the global player offering 38 of its 53 newly-qualified lawyers a role, with 37 of these accepting, reports newspaper Legal Week.

Lowest since 2010

The 70 per cent retention rate is significantly down on last spring’s figures when 52 out of 57 newly-qualified lawyers were offered a position, with 51 accepting, resulting in a rate of 89 per cent. In September, the firm retained 46 out of a total of 58 of its newly-qualfieds for a 79 per cent retention rate.
London-headquartered CMS Cameron McKenna revealed a retention rate of just 68 per cent, keeping 19 of 28 qualifiers. The figure – which posted retention rates of 81 per cent last year -- is the firm’s lowest since autumn 2010.

Challenging conditions

CMS graduate recruitment partner Simon Pilcher commented: ‘This is a bit lower than usual but market conditions remain challenging.’
Other firms revealing trainee retention rates include the London office of New York’s White & Case (86 per cent), London-based Ashurst (70 per cent), Nabarro (78 per cent) and Weil Gotshal & Manges' City arm, which is keeping on both of its newly-qualified lawyers.