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?
I think multiple points can simultaneously be true. I agree with many of yours, and I’m by no means suggesting an alternative approach. I unfortunately don’t have the answers. Realistically, there cannot be a blanket policy / solution for
all firms anyway.
Nevertheless, I think that a low-conversion VS-TC system is unnecessary and inequitable when the quality of VS candidates are high, and, in most cases, their suitability has already been rigorously assessed at AC. As I originally said, I have no issues with comparatively high conversion rates.
On the feedback point - most people I’ve spoken with, rejected post-VS, have received rather generic, arbitrary feedback. Just like the application process, converting a VS is incredibly luck-based. I get it: if I had to choose between a Lamborghini and a Ferrari, I’d be choosing one merely for the sake of choosing, struggling to find flaws with the other.
Under that view, it’s precisely why I think it’s unfair for a law firm to offer lots of VS places and to have a low conversion rate.
The only slight benefit of the low conversion rate model is to VS candidates, who, as you rightfully noted, gain ‘some’ experience, but (for many of them) to the detriment of being rejected (for little valid reason). It’s a particularly harsh system when you consider some people spend 5 years applying and yet only secure one VS (and fail to convert).
I just feel there ought to be more transparency and certainty in the VS/TC process somehow.
Maybe I’m just being a little too sincere for what is ultimately a ruthless, cutthroat industry…