Trainee retention is on the rise

Trying to get into the legal market is hard, and for many, getting that highly valued training contract can be the result of years of hard work.   

However, getting in might not be the only struggle. Being able to stay in that position can be just as challenging, especially with us having seen how difficult it can be to pass the SQE and become a qualified solicitor. So, in the last week, it’s been wonderful to see news stories that many firms are posting record retention levels for Trainee Solicitors. This is coming off the back of a strong period for law firms, posting record profits and increasing salaries for new hires.   

Over the last couple of weeks, several law firms have been publishing the numbers on how many trainee solicitors they are keeping on from the cohort qualifying in September this year. Many firms have announced that they are keeping over half of their trainees, including the recently merged A&O Sherman, which announced they were keeping 66% of their trainees as permanent members of staff, while other firms of similar size are planning to retain around 58% - a sizable jump on some years previously. National law firm Burgess Salmon has even reported a 100% retention rate for its trainees, with all 24 qualifiers being retained by the firm across a wide range of departments. All these things show firms' willingness to invest in the next generation of talent, which is becoming ever more urgent as the generational boundaries in law firms shift. Our latest salary survey (still available by clicking this link) saw 59% of respondents falling into the millennial age bracket, defined as people currently between 28-43, and 10% being between 18-27, or Gen Z, so it shows that firms now need to start looking to bringing younger people on board.   

As we mentioned above, there has also been a slew of law firms posting high, or even record, profits. This has often translated into firms raising salaries, especially for newly qualified solicitors and new starters. Firms like Osbourn Clarke, Herbert Smith Freehills and Hogan Lovells have all announced they are increasing their starting salaries across the board. These big firms that have enjoyed a period of growth now seem to be rewarding their staff for their success and potentially attracting new hires in the process. Recent successful firms include Linklaters, which posted £2 billion in revenue for the first time, while other firms like Osbourn Clarke, Weightmans, HFW, and Kennedys also posted huge profits. The UK legal market is clearly in a healthy place at the moment, and it is nice to see that firms are reflecting this in increased salaries and bonuses, all of which can help staff retention.   

Most of the stories we have seen recently around young lawyers and trainees starting in the profession have been incredibly negative, especially regarding the SQE and the fraught problems incorrect results have caused on people’s training contracts. So, it is nice to see more positive stories about new recruits' successes in the legal market, especially as many of these successful solicitors will become the lawyers of the future. It shows a stamp of confidence from firms in the young talent they are bringing in.