Friday, 12 July 2019

Slaughter and May and Clifford Chance Confirm High Autumn Retention Rates

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Slaughter and May and Clifford Chance Confirm High Autumn Retention Rates Photo by Cytonn Photography on Unsplash

Slaughter and May has confirmed that 93% of its autumn-qualifying trainees will be staying on as associates. The firm will be keeping 37 out of its 40 newly-qualified (NQ) solicitors.

The news comes hot on the heels of the Magic Circle pay war, with Slaughters boosting its NQ salary to £100k including bonuses in June this year. The move came after Freshfields Bruckhaus Deringer and Clifford Chance (CC) both hiked their newly-qualified (NQ) pay to £100,000 in a bid to head off the ever-increasing threat from US rivals.

Our What Will You Earn table compares all law firm trainee and NQ salaries.

Similarly, Clifford Chance has announced an 87% autumn trainee retention score, as 41 out of 47 qualifying trainees will stay on at the firm.

In a bid to attract top talent, Clifford Chance (CC) also increased its Graduate Diploma in Law (GDL) maintenance grant in May of this year. CC was the first Magic Circle firm to award £10,000 in financial support to its future trainees studying the GDL, a 25% uplift on the previous grant of £8,000. The new sum is in line with CC’s £10,000 Legal Practice Couse (LPC) maintenance grant for students.

Slaughters has since followed suit, confirming that its maintenance grant will be in line with its Magic Circle counterparts for students beginning the GDL in September 2019.

Salary, confidence of being kept on or job satisfaction? Compare law firms according to what’s important to you here.

Last modified on Friday, 12 July 2019 15:42