Hiya
@Toenails
I think it’s worth checking the firm’s policy first to see if they have any specific rules about applying again after a vacation scheme. Some firms might have restrictions, but if there’s nothing mentioned, I’d absolutely encourage you to go for it.
I’ve actually met two candidates who didn’t secure a training contract after their vacation schemes but later applied for a direct training contract route in the next cycle and ended up joining as trainees. So, it’s certainly possible! (I also know several candidates who did vacation schemes with the same firm after being rejected post vacation scheme in the previous cycle). I think the key thing to focus on is how you’ve grown since your vacation scheme. Firms understand that candidates develop over time, so think about how you’ve worked on the feedback you received, especially around commercial awareness here, and how you can show that growth in your application.
I think overall, if you really like the firm, don’t let the previous outcome stop you. Best of luck with the application!