66%

A&O Shearman has recorded its first post-merger retention score, with 37 of its 56 trainees staying put.

The new outfit confirmed it made 39 offers to the 48 trainees who applied for newly qualified roles. Thirty-seven offers were accepted, all on permanent deals.

Before the tie-up, Allen & Overy offered significantly more training contracts than Shearman, with 80 each year compared to Shearman’s 12.

Combining the trainee intakes of both firms has resulted in a larger-than-usual qualifying cohort, making the lower score — in this case 66% — somewhat expected.

Both outfits were typically strong retention performers prior to the merger, with A&O posting a result of 77% earlier this year and Shearman regularly chalking up results of over 80%.

The firms officially joined forces on May 1, creating a new global mega-firm with nearly 4,000 lawyers across 48 offices in 29 countries and combined annual revenues of approximately $3.5 billion (£2.9 billion).

James Partridge, early careers partner and training principal London, commented:

“This is the first qualifying cohort of A&O Shearman, and we are pleased that 37 trainees from both legacy firms have chosen to remain and progress their careers with us at this exciting time for the firm.”

“At A&O Shearman we remain committed to investing and developing our people and extend our congratulations to our first combined intake of qualifying solicitors,” Partridge continued.

The Legal Cheek Firms Most List shows the new recruits will start on a recently-improved salary £150,000.

Better but still not great

BCLP has released the retention rate for its September 2024 qualifiers, with 11 of the 19 trainees staying on.

This equates to 58% of the most recent UK cohort, with the global retention marginally lower at 57% (12 out of 21).

Whilst this isn’t a particularly strong figure, it is a significant increase from the 29% (4 out of 14) retained in the spring. The firm expects this trajectory to continue, with a spokesperson stating: “We remain committed to making further progress with our retention efforts and acknowledge there is still more work to do here.”

BCLP has faced challenging market conditions in recent years with the commercial real estate sector, one of its key specialisms, suffering. The firm has also lost a number of Russian clients since sanctions were applied after the invasion Ukraine.

A spokesperson for the firm added:

“We are pleased that one of our qualifiers is our first Solicitor Apprentice to qualify through the apprenticeship route for the firm. We are actively supporting our remaining trainees to find alternative roles, with many in the final stages of that process. We wish all our qualifiers all the best in their future legal careers.”

The Legal Cheek Firms Most List shows that BCLP take on around 35 trainees each year, with London recruits receiving £50,000 in year one, £55,000 in year two, and £105,000 upon qualification.

Those joining the Manchester office can expect a first year salary of £33,000, rising to £37,000 in their second year and £67,000 upon qualification.