Allen & Overy retention rate rises, UK lawyer numbers on the rise, French firms post results, and German firm announces expansion this week, in the wrap of international legal news.
Allen & Overy retains more in 2010
Allen & Overy's 2010 newly qualified (NQ) lawyer retention rate improved slightly on last year's results, reports The Lawyer. The magic circle firm offered jobs to 56 of the 64 trainee solicitors, showing a steady retention rate compared to last year. Norton Rose offered jobs to 26 of its 30 January 2011 qualifiers, giving it an NQ retention rate of 86 per cent. Two of the four trainees that did not receive offers resigned beforehand.
UK lawyer numbers on the rise
The number of solicitors practising in the UK grew by 7 per cent last year, despite difficult economic conditions, increasing the number of solicitors in England and Wales to over 120,000, reports Legal Week. The increase represents the biggest growth in solicitor numbers over the last five years and comes despite a period in which many law firms have been reducing staffing levels. The profession grew by only 2 per cent in both 2009 and 2008.
French firms bring in cash
Two French firms, UGGC & Associés and Fidal, have become the first European firms to announce 2010 financial results, with respective year-on-year turnover increases of 5 per cent and 2 per cent respectively, reports The Lawyer. The results bring UGGC's revenue to around 36.7 million ($49.6 million), up from 35 million in 2009. Fidal reported 2010 turnover of 300 million, up from 295 million in 2009.
Family lawyers demand answers
Leading British family lawyers have asked for greater clarity as the Law Commission begins a review likely to herald legally binding pre-nuptial agreements, reports Legal Week. Partners are largely in favour of the review, which could lead to the introduction of legally binding pre-nuptial agreements enforceable in English courts. However, many lawyers want to ensure safeguards which protect vulnerable spouses and children, with some arguing courts should be given the last word.
German firm grows
German firm Schultze & Braun has expanded its reach within Germany with the launch of a Hamburg office that will cover restructuring and turnaround work, reports The Lawyer. The new office will be led by partner Frank Tschentscher, who has been dividing his time between London and Frankfurt. He will be assisted by three associates and the firm hopes to soon transfer another partner from its network.