They had a 29% retention rate in spring. You can’t blame BLP’s decline purely on the current market.

Bleeding partners, associates and now, trainees, across the board.

It still is a strong London firm. The NQ market is just dead and firms aren’t looking to hire

For external NQ roles? Nah bro it’s much higher than that.

There are over a hundred applicants going per NQ role.

It’s a VERY saturated market.

It’s not about how strong a firm is.

The market is dead and there’s nothing firms can do about that.

Trainees at US firms and Magic Circle / Silver Circle firms are being let go.

The firms that are disclosing higher retention are not telling you the whole truth. A lot of trainees are having to qualify into teams they did not want to for the sake of having a job.

Sorry, can you speak up, can’t hear you over the sound of my Lambo.

So true. 30-40 trainees fighting for 1 NQ role.

Where’s he taking it?

This may be hands down the dumbest comment I’ve read in a long looong time.

There is zero correlation between retention and NQ salaries.

Hope that helps

Nothing you said makes any sense. You’re just spouting complete nonsense.

Clearly you don’t understand ecenomics or finance or more importantly how law firms operate as a business.

“increasing NQ salaries when retention rates are low may not align with financial prudence” … wth are you on about here???? Some of these law firms with low nq retention rates are posting their best ever financial end of year. They can afford to increase the NQ salaries – they simply aren’t taking on more NQs because there isn’t a demand for NQs in the current market. Many of these teams are looking for 2-5PQEs not NQs.

“It could lead to higher costs”… wrong again! If firms aren’t taking on as many NQs but increasing the NQ salaries then it doesn’t lead to higher costs. It’s simple maths. Paying 50 NQs 100,000 or 30NQs 110,000… which works out cheaper? Exactly.

“without clear evidence that higher salaries will improve retention and productivity”… you don’t need evidence to prove that a pay increase will incentivise people to stay.

You are an absolute waffler who knows nothing.

Also without clear evidence that higher salaries will improve retention and productivity, the investment in increased NQ salaries may not yield sufficient returns to justify the expenditure.

The NQ market is dead.

Budget cuts in departments.

Good luck to trainees qualifying this September!

I feel for you.

NQ salary increases aren’t purely aimed at NQs lmao.