Magic circle firm Freshfields Bruckhaus Deringer has announced its 2015 autumn retention rate of 83%, which is equivalent to 40 of the 48 trainees taken on two years previously. The firm has stated that it actually made offers to 43 out of the 48 trainees, however three decided not to accept. A newly qualified associate at Freshfields can be on a yearly salary between £67,500 – £77,500 with these figures increasing to a range of £87,500 – £100,000 for 2 years post-qualified experience associates (PQE).
The retention rate is slightly lower than that of spring, which was 85%, the equivalent to the retention of one more trainee. The previous autumn, in August 2014, the retention rate was 82% and 80% for the spring of 2014. This shows a consistent rate between 80-85% for Freshfields over the past couple of years. Slaughter and May are the only other magic circle firm to report thus far and announced an 89% retention rate, which is actually rather low for the firm who consistently report above the 90% mark.