Posted in Latest News on 11 Dec 2013
Law firms are drawing confidence from the economic recovery if the figures from our recent NQ retention survey are anything to go by.
We approached a cross section of our client base and asked them about 2013 NQ retention and also what they are planning for their 2014 intake. And it makes good reading for trainees and law students looking to apply for training contracts.
Across all the firms surveyed, 92% of trainees are being retained. 86% of firms were retaining the same or more trainees compared to last year. 32% of firms were then looking to increase intake in 2014 compared to 5% who were reducing the number of trainees on their books.
The Personal Injury specialists amongst our survey are proving resilient - reporting 100% retention with total numbers up on last year and an increase planned for next year.
Sophie Potter, HR Manager at Browne Jacobsen LLP reported that her firm was retaining all 7 of its trainees this year and in 2014 "may increase given the firm's headcount has grown substantially over the last 3 years." This seems to mirror the trend across most of the larger firms surveyed with 50% planning to increase 2014 intake and 30% looking at maintaining the status quo.
20% of mid-sized regionals retained less trainees this year but none had plans to decrease intake again and 15% were looking to increase the number of trainees in 2014.
No surprises that smaller firms on average took on the lowest number of trainess and were more likely not to take on any at all. Of those that did 100% of trainees were retained this year which was the same as 2012 for 90% of firms. 10% posted an increase. 70% of smaller firms will keep the same level of trainee intake in 2014 and 30% will increase it. The 30% looking to increase intake are Personal Injury specialists.
So some really interesting stuff in there and quite reflective of the positive trends we are seeing in legal as a whole. In summary it could be fair to say that the battle for talent is hotting up again - firms are creating more opportunities for NQ's who in turn are confident enough, once again, to appreciate that they also have options. It's all good.