The profession’s health Indicators are coming in thick and fast at the moment with firms releasing last year’s results and this year’s retention rates. The results have generally painted a tough picture for 2008-09 (with one or two notable exceptions ) but strong retention rates should indicate confidence going forward…

Taylor Wessing has announced its financial results for 2008-09 with turnover rising slightly from £185.2m in 2007-08 to £188.4m this year. This is despite UK revenues falling by 5.7%, down to £92.6m from £98.2m during the 2007-08 year. However, profit per equity partner has fallen from £613,400 during 2007-08 down to £436,000 for the last financial year, a decrease of 29%.

On the retention front, City firm, SJ Berwin is the latest to announce near 70% retention rates for qualifying trainees this September. The firm expects to retain 27 out of a total of 38 trainees after the summer. The figures keep it in step with magic circle firms Allen & Overy, Clifford Chance and Freshfields Bruckhaus Deringer who have also kept retention rates around the 70% mark.

Although most firms have seen rates fall by at least some magin, 70% is still fairly strong and hopefully points to a brighter future.

More on results:

Financial Fallout: Shoosmiths’ Slashed Profits and Weil Gotshal Slashes Salaries

Results Roundup: Charles Russell, Hill Dickinson, Mishcon de Reya Show Occluded Front and Cost Trimming Continues at Camerons and Travers Smith