Lovells is losing nearly a third of its March 2005 trainee intake, with nine trainees out of 32 choosing to leave the firm rather than apply for a permanent position.
The top 10 City firm officially reported a 91% retention rate because 21 out of the 23 trainees who applied to stay on were retained. But postings submitted to legalweek.com this week pointed out that Lovells actually took on 32 trainees in March 2005, with many choosing to leave because there were not enough vacancies in departments they wanted to join despite vacancies in corporate and finance.
One Lovells partner told Legal Week: “It is a very significant loss and you have to ask why. To lose 30% is a huge cost to the firm.”
It is unusual for so many trainees to leave City firms. Only about 10% of Linklaters’ March intake chose not to stay.
Lovells graduate recruitment head Clare Harris said the trainees had left for a variety of reasons, commenting: “It is always sad when people decide they do not want to stay but this is nothing to worry about. We are growing corporate and finance so it follows that those areas need staffing and need more trainees.”
Talkback: Do Lovells' experiences reflect a lack of opportunities in the City for trainees looking to practise in 'niche' areas? Click here to have your say.
Lovells have a very poor system upon qualification where trainees have to actually apply for qualification jobs and instead of encouraging their trainees to stay, the system is weighted against those who "apply" for job and do not get their first choice place. Surely there is a danger partners in other departments will look down their noses at trainees who did not apply to their departments as their first choice.
In such circumstances it is no wonder a third have quit, as did I a couple of years ago.
Whilst still a top-tier international firm, it is clear that Lovells has lost partners as well as business resulting in profits that lag behind its competitors. The Lovells, Dentons and Norton Roses of the City are the casualties of the success of US firms who cherry-pick their partners and often rain-makers taking clients with them. Sooner or later this will cause firms like Lovells to stagnate and not being able to offer all their NQs free choice of which department to qualify into.
Is it really any surprise? Lovells has been losing partners for a while now and is not the force it once was. Ambitious trainees have to wonder if their future lies elsewhere.
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