Freshfields is retaining 82% of its qualifying trainees this Spring, resulting in its smallest intake of newly-qualified lawyers in over five years.
The firm is keeping on 31 NQs out of 38 after five were not made offers and two turned it down. Those who remain represent the smallest NQ cohort since at least 2010, thanks in part to a trainee intake that was significantly smaller than in previous years.
Smaller trainee intakes look set to be the new normal. Last year 96 trainees qualified at Freshfields, but a spokesman for the firm said that now, "We aim to attract approximately 80 outstanding candidates across our two intakes in London each year". He added that "this number can flex to anticipate the demand that we foresee for NQs up to five years in the future".
Freshfields is not the only Magic Circle with a shrinking NQ population. Allen & Overy and Linklaters have also retained fewer NQs this Spring than in years, victims (and perpetrators) of smaller intake sizes coupled with retention rates which have been weaker than in recent rounds.
This Spring's result places Freshfields just above Clifford Chance and just below Linklaters in the overall table. Meanwhile, Allen & Overy and Slaughter and May performed rather better, with Slaughters taking the MC crown having lost only two trainees from a forty-strong cohort. Last week it confirmed it was making up ten partners this year, eight of whom trained at the firm.
If you know your firm's retention rate and it's not on the board, scribble to RollOnFriday.
Tip Off ROF
The firm is keeping on 31 NQs out of 38 after five were not made offers and two turned it down. Those who remain represent the smallest NQ cohort since at least 2010, thanks in part to a trainee intake that was significantly smaller than in previous years.
Smaller trainee intakes look set to be the new normal. Last year 96 trainees qualified at Freshfields, but a spokesman for the firm said that now, "We aim to attract approximately 80 outstanding candidates across our two intakes in London each year". He added that "this number can flex to anticipate the demand that we foresee for NQs up to five years in the future".
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Later they fly a bee |
Freshfields is not the only Magic Circle with a shrinking NQ population. Allen & Overy and Linklaters have also retained fewer NQs this Spring than in years, victims (and perpetrators) of smaller intake sizes coupled with retention rates which have been weaker than in recent rounds.
This Spring's result places Freshfields just above Clifford Chance and just below Linklaters in the overall table. Meanwhile, Allen & Overy and Slaughter and May performed rather better, with Slaughters taking the MC crown having lost only two trainees from a forty-strong cohort. Last week it confirmed it was making up ten partners this year, eight of whom trained at the firm.
If you know your firm's retention rate and it's not on the board, scribble to RollOnFriday.
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- MC firms compete for talent (as it is known in the business) with US firms
- US firms have traditionally paid much more, but were seen as lesser firms, particularly by trainees / NQs interested in formal training programmes etc but also senior associates looking towards partnership
- As US firms have expanded in London, the real difference between MC and US firms (except for in respect of pay) has become harder to spot
- MC firms have now started to try to compete directly with US firms on pay - as we can see, this involves increasing pay (well, duh), shrinking intakes (to reduce overhead) and sweating the assets (to increase profit per lawyer)
As an English lawyer, I'd probably still rather train at Freshfields than Lathams. However, post qualification there is no reason to stay and this intake business further highlights that there is no difference really between MC and US when it comes to hours (although there remains a difference when it comes to pay and bonuses).