Anyone else’s PFO from Trowers mention being put on a reserve list? Not sure if this is the standard response
It won't be a standard response. If you didn't make the standard or the firm felt like there were many more stronger candidates ahead of you, you wouldn't be on the reserve list.
Some firms can experience fluctuating acceptance rates. All it takes is for a lot of other firms' scheme dates to conflict or a few competitors to start making early TC offers and the firm can find they have a significant decline/renege rate, meaning they will want to top the numbers back up from the reserve list.
They just can't make any guarantees of people declining/reneging and cannot afford to over offer at the same time.
So I would take this as a somewhat frustrating positive - the firm would be willing to make you an offer, they just don't have the vacancy right now to do so, but could have in the coming weeks/months.
You could potentially find out how the reserve list works though and how that might affect your chances of getting a spot.