Trainees at Nabarro and Olswang certainly seem set on the prospect of a three way merger with CMS Cameron McKenna, with 100% and 88% respectively from the two firms accepting offers as newly qualified (NQ) solicitors.
Camerons, however, appears to be having a harder time of retaining its intake, posting a 78% retention rate with 22 positions accepted from 28 trainees. Of these 19 were in London, with two in Bristol and one in Vienna.
Nabarro accepted all nine of its intake into London, while seven of Olswang’s eight trainees accepted their offers.
The overall retention rate came in at 84%, with the combined firm keeping on 38 trainees of an overall intake of 45.
Camerons senior partner Penelope Warne (pictured) said: ‘Ahead of our combination, we are delighted to welcome the 38 NQs that will be joining the new firm. Attracting and retaining the best people is crucial to the success of our business and we want to ensure that our talented people are provided with the best opportunities to progress. I am also pleased to see the vast number of practice and sector groups that our NQs have been welcomed into which demonstrates the strength of our growing areas.’
Camerons’ retention rates have been low in recent years, including a dismal 61.5% retention rate in its spring cohort in 2015.
The announcement of the new lawyer intake at Camerons comes just hours after the three firms reported around 300 support staff redundancies as part of a rationalisation of back office roles, cutting the total number joining the new firm from 950 to 650.
Meanwhile, Norton Rose Fulbright reported earlier this month that the firm had kept on around 83% of its March qualifying round. The firm made 20 offers to its 24 strong class, all the offers accepted.
matthew.field@legalease.co.uk
Read more: ‘Camerons’ double merger adds up but will it multiply?‘
