I agree to a degree. They can be a colossal waste of time, especially if you work and study or don't live in London. That said, if you're in year 1 or 2 and don't work, they can be helpful in getting to know the firm and the people and little tidbits for the application that can make your application shine. I've been to one at Weil 2 years ago and one at HL this year and both gave me useful application nuggets. I would say you can get the exact same info through research, so it's not a must, but it can be a plus. Also, free food and drinks are always welcome.Idk if this is just my perspective but I've never found open days particularly helpful. Last year, I did open days at multiple firms (W&C, Shearman, TW, Jones Day, Latham) and didn't get any offers from them (but I did get a VS offer from a firm I had not done an open day with). I did the October open day at Paul, Weiss and I don't think it really gave me much better insight into the firm than I would have scanning the internet. I think it might just be a thing to show off on an application, but even then idk whether 'I attended an open day' is enough to secure a VS with them. I think if you have a genuine interest in PE, just apply and see whether they see potential in you.
Interestingly, a friend of mine went to an open day and had a chat with a partner (global head of PE at a US firm) who told him to email him if he applied. He did, and the partner emailed grad recruitment and said to look out for his application; he is now doing his TC there!
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