In a nutshell: Yes.

While the large firms have retained most of their current trainees, they had to do quite abit of reshuffling. On retention, there were trainees who were posted into teams which they were not initially trained for. Fortunately they have managed to retain the starting pay (mostly).Also to note, this is in contrast with previous, ie. 'better', years where the large firms would retain their trainees without much issue to speak of.

Mid-Sized firms have largely stopped hiring additional NQLs, begun cutting the starting pay and in some instances decided not to retain a number of their trainees.

With the small firms, it varies. I've heard from some of my friend that the starting pay is still quite decent and higher than that of some Mid-sized firms. However this is entirely based on luck and your ability to find a firm which is willing to hire.

As a disclaimer, this is just based on information i've received and personal observation. But for those who are about to graduate. Please brace yourselves for tough times ahead.