Magic circle firm Allen & Overy is taking on 89% of its qualifying trainees and has increased its graduate salary to £46,500.
On its autumn retention rate, the firm announced that 43 of its 44 trainees applied to qualify and 40 received offers. Only one trainee did not accept their offer.
James Partridge, graduate recruitment partner, said: ‘This is a great retention rate and reflects the quality of junior lawyers we have coming through the ranks and our commitment to training and retaining the very best legal talent.’
Allen & Overy is also boosting its first year trainee salary to £46,500 from £45,000. Second year salary has increased from £50,000 to £52,500.
Last week, Clifford Chance announced that it will pay trainees £48,000 in year one and £54,000 in year two, up from £46,600 and £52,500 respectively.
Despite Allen & Overy’s impressive retention figure, it sits below Freshfields Bruckhaus Deringer (93%), Slaughter and May (92.5%) and Linklaters (91%). Clifford Chance took on 87% of its trainees.