Freshfields Bruckhaus Deringer has become the first Magic Circle firm to post its trainee retention rate, with 85% taking up positions with the firm.
Out of a total of 48 trainees, the firm made offers to 44 qualifying trainees or 91%, of which 41 then accepted. The retention rate is above last year’s spring retention rate when Freshfields kept on 80% of junior lawyers totalling 35 out of 44.
The firm remains stuck around the 80% retention mark after keeping on 82% of qualifying trainees in in August last year. At that time, the firm made offers to 38 qualifying trainees out of the total August 2012 intake of 45, of which 37 lawyers accepted.
The firm once again did not disclose in which offices and practice areas the trainees would be qualifying.
Earlier this week Legal Business reported that White & Case kept on 100% of its trainees, while Osborne Clarke retained 89%, and Trowers & Hamlins retained slightly less with 82%.
Freshfields retention rates comes after its latest LLP filings with Companies House showed that staff costs at the firm fell from £554m to £548m despite an increase in salaries to £466m in 2014 from £449m in 2013.
jaishree.kalia@legalease.co.uk