Inconsistent retention rates in top firms
5th Mar 2015
While Ashurst retains 91% of its spring cohort, Hogan Lovells suffers a disappointing 66% retention rate in the latest set of firms to reveal which of its trainee positions have been offered NQ positions.
City firm Ashurst has offered newly-qualified (NQ) roles to 21 of its 23-strong group of trainees, all of whom accepted. The remaining two trainees did not apply for NQ roles.
Four of the NQs will work in corporate, three in energy, resources and infrastructure, and securities and derivatives apiece, while two are each headed to competition, dispute resolution, and real estate. The remaining five will be headed for banking, regulatory, restructuring, tax, and employment, pensions and incentives.
Hammad Akhtar, graduate recruitment partner, states that the firm is ‘delighted to have retained so many talented trainees’, and is confident that the new NQs will make a ‘significant contribution’ to the company.
Meanwhile, transatlantic giant Hogan Lovells is retaining 21 of its 32 trainees in NQ positions this spring, giving it a disappointing 66% retention rate. It received 30 NQ role applications from the cohort, and offered roles to 26 of those, with 21 accepting. Two more international offers are still outstanding.
David Moss, training principal, states that the retention rate is ‘not as high as we had hoped’, and that while more places were offered than people qualifying, they were not necessarily in areas trainees wanted. Many leaving the company have done so in order to pursue work in practice areas where Hogan Lovells were not hiring.
These latest postings mean 18 firms have now reported their retention rates for spring 2015, with 382 of 448 trainees retained, an 85% average.