Slaughter and May
will keep on 100% of its Spring-qualifying trainees.
The Magic Circle firm has made offers to all 25 of its March cohort, all of whom have accepted. It's the first firm to announce its figures, giving them a nice fuzzy feeling before Christmas.
They will now experience Slaughters' Hunger Games-esque slimming programme until a final pair are approved by all the partners in circa 2023 and the other four still there and fighting it out take the hint and leave. Although maybe not - recently the firm has been uncharacteristically generous, making up ten new partners in one go
The trainees will qualify on £78k, up from £71.5k as of last week when the firm improved its package
. Nowhere near US rates and £7k less than contemporaries at Clifford Chance and Freshfields - although, unlike those firms, S&M doesn't include its bonus in its stated pay, so its NQs could earn as much or more as their Magic Circle peers.
||Another King of Bun Hill
This is the firm's best retention rate for a while - it kept on 89% in the autumn
, 95% this spring
, 89% last autumn
and 88% last spring.
A spokesman said, "Our consistently high retention rates demonstrate that the long-term future of the firm, as well as its distinctive culture and ethos, is in good hands
”. Think it just means it's in hands. Though they probably are pretty good.