The first Magic Circle to report its trainee intake numbers for autumn 2015, Slaughter and May has revealed it is keeping on 33 trainees out of a cohort of 37 – unusually low for the firm which regularly posts rates of over 90%.
Slaughters, which is known for its high retention rates, made 35 offers to those qualifying in September 2015 with two having decided to withdraw from the process before offers were made. A further two decided not to accept the offers made by the firm resulting in 33 lawyers now being set to join the firm this autumn and giving a trainee retention rate of 89%. The figure is in line with this spring’s intake when 88% of the 42-strong cohort accepted offers.
However, though a lower percentage than last year, the intake is flat in gross terms with 33 lawyers having been hired by the firm from a smaller intake of 34 qualifying trainees – a rate of 97%.
Earlier this week, Taylor Wessing announced it was keeping on 87%, or 20 out of 23 trainees. Two trainees apiece join the intellectual property, private client, corporate finance, disputes, private equity and tax practices while corporate technology, real estate, finance, corporate, commercial & projects, restructuring, financial services regulatory, employment, and pensions practices all received one.
A host of US firms have also revealed their retention rates so far with many keeping on 100% of their smaller intakes including Sullivan & Cromwell, which is keeping all four of its first trainees qualifying in the City; Weil, Gotshal & Manges and Shearman & Sterling.
michael.west@legalease.co.uk