I think you’ve misunderstood. My point was that a TC offer should be available to every candidate that ‘performs well’, not just every candidate.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?
What you’ve failed to acknowledge in your argument is that candidates who go through the DTC route go through the same ‘not always so rigorous’ process you have mentioned (dependent on the firm) and receive TC offers off the back of that. They do not have to prove themselves to the firm during work experience. Does that make them lesser than a VS scheme applicant who has? Food for thought.
Vacation schemes with low conversion rates can be off putting to candidates because they could go through the exact same vetting process as a DTC candidate and not receive a training contract. That’s not to say the DTC bar may or may not be higher, but the point being you may have a better chance of converting a DTC interview than a VS because of a numbers game rather than your performance, which in my opinion does not make sense.
Although you do make a good point, the experience is definitely valuable and I wouldn’t turn it down. But what I would do is apply for the direct TC route if the conversion rate was evidently higher. But everyone’s situation is different. I am fortunate enough to have a plethora of work experience at different city firms, so I speak from a different place to a candidate with a shorter CV.