Hey!
You are very welcome, and no need to apologise at all - I'm really glad you found my previous response helpful! Congratulations as well on having your US firm internship confirmed - that is another fantastic achievement to add to your applications!
To answer your questions:
1. I think it is probably a combination of both. Different firms do have different approaches to recruitment, and even where firms say they recruit holistically, we don't know exactly how much weight they place on each aspect of an application. This element of not knowing is why you'll often see different advice online, and I'd take all advice with a grain of salt unless you are hearing it directly from the firm.
Personally, I think it is important not to view it as either "grades don't matter" or "grades are the only thing that matters", as the reality is usually somewhere in between. Strong grades are obviously important (+ more so at some firms than others), but they are only one part of an application. Firms also value your experiences, motivations, evidence of key skills, interview performance and, where relevant, will take into account any contextual or mitigating information you provide. None of us outside graduate recruitment can say exactly how a particular application will be assessed, so I would be cautious of anyone making absolute statements either way.
I have always approached it as there being firms that are likely to place more emphasis on academic consistency than others, and some that take a more holistic approach (rather than there being a blanket approach across the industry). Some firms do have explicit academic requirements or may expect applicants to have achieved 60%+ across their modules, whereas the majority do not publicly state that they assess applications in that way (+ usually look for a 2:1 overall). Ultimately, we can never know exactly how each firm assesses applications behind the scenes, but generally speaking, I don't think having lower grades alongside documented mitigating circumstances automatically rules you out of most leading firms, particualrly where the rest of your application is strong.
2. I would generally keep a mitigating circumstances statement fairly concise and factual. I would briefly explain what happened, when it occurred, how it affected your academic performance during that specific period and, if relevant, mention that the circumstances have since been resolved or are being managed. If you have evidence of stronger performance before or after the affected period, I think it is reasonable to reference that as it helps to provide context, but I probably wouldn't go into extensive personal details. The aim is to give the graduate recruitment team enough information to understand the circumstances rather than persuade them emotionally.
3. I don't think there is any harm in contacting graduate recruitment if you are unsure, particularly if a firm states it expects a consistent 2:1 profile but also has a mitigating circumstances process. You aren't necessarily asking them to pre-assess your application - you are simply confirming that you would be eligible, and the appropriate way to disclose those circumstances.
4. I don't think there is a single right answer here, and I'd go with what feels best. If you have now completed (or will have completed) a vacation scheme and another internship at a US firm, you'll have built some really strong commercial experience, which could make you a competitive direct training contract candidate. At the same time, if there are firms where you'd genuinely value experiencing the culture before committing, vacation schemes are still a great route. Additionally, most firms hire pre-dominantly through their vacation scheme, so this might have the higher chance of conversion on paper. I would probably make that decision on a firm-by-firm basis (i.e. after looking at their application process and hiring patterns), rather than deciding to apply exclusively via one route.
5. In terms of resources, I'd definitely make use of the search function on TCLA as I'm sure there have been previous discussions around mitigating circumstances and academic profiles. Whilst people understandably don't always share every detail of their grades publicly, there have been a number of discussions from candidates with mitigating circumstances or less traditional academic backgrounds who have still gone on to secure training contracts, and these can be really reassuring. If you ever have specific application questions throughout the cycle, I'd encourage you to post them on the forum, as people are always happy to share their experiences where they can!
Overall, I'd really try not to write yourself off because of one year's grades. I had a habit of doing this myself, as I went to a non-RG university and felt I couldn't compete with Oxbridge/RG grads, but I ended up having the most success when I didn't let that bother me and focused on applying for firms I was passionate about.
You have already demonstrated that you can secure an extremely competitive vacation scheme, and by the time you apply this cycle you'll have an additional US firm internship on your CV too! Those are really significant achievements, and they'll strengthen your applications considerably.
Best of luck with the next cycle, and please do keep us updated on how your applications go!
