I think the conversion rates should be relatively high since they have thoroughly vetted candidates through a generally extensive recruitment process.
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I think the offer of a TC should be available to every candidate if they perform well, not based on a limited quota.
Why make people go through it just for the chance of a training contract?
For the average person, it’s incredibly difficult to secure even one vacation scheme. As such, I personally believe the conversion rate should be upwards of at least 80%.
If you’ve made it onto a VS, then you have proven that you have what it takes to be a trainee. With this in mind, most feedback you receive after failing to convert a VS is arbitrary.
I think there are some fair points here. From the vac schemers perspective it's pretty disheartening to go through the whole process and then not get the TC even if you're good enough. It's happened to me.
But I think these statements are quite entitled. You don't
deserve a TC just because you got onto the Vac Scheme. If that were the case, the Vac Scheme would serve no purpose.
Vac schemes are meant to be internships. Real experience. You sit in a department and do work on live deals and cases. You have free reign to bombard associates and partners with coffee chat requests. It looks really good on your CV. Sure, they're also job interviews, but if you want to be a commercial lawyer then you should be more than happy with that opportunity.
Second, vac schemes are another stage in the recruitment process that (are supposed to) test how you fit with the firm, how well you can organise and manage a diary and a chance to prove yourself with actual work. There's a lot you could learn from your mistakes on a vac scheme. To say that "most feedback [post VS] is arbitrary" is a very fixed mindset approach.
Depending on the firm, the pre-vac interview process is not always
so rigorous that firms shouldn't be allowed to be selective on a vac scheme - application questions can be ghostwritten or ChatGPT'd, you can easily cheat watson glasers, interviews can go well or badly based on luck. Milbank, for example, only has a 30min 1-to-1 partner interview to get onto the vac scheme. The recruiters get to know you more properly on a vac scheme, and some firms tend to be a bit more picky about 'culture fit' (though I agree that's mostly bullshit).
Finally, what's the alternative? If firms upped the conversion rates then that would just mean that fewer people get on the vac scheme and have the chance to prove themselves, and there would just be more competition to begin with. Ask youself this: if you had no city law work experience and were offered a vac scheme at a top law firm, but were told you're not going to get the return offer, would you not take it?