As @Jessica Booker said, while a VS is an amazing opportunity to gain insight into what your life at the firm could look like, there is only so much you can experience in a few weeks. It will be very difficult to assess some important elements, such as the level to which you enjoy the work and the high-pressure tight-deadlines environment. As a vacation schemer you can only be trusted with so much, and in most cases no one in the firm will be really relying on your work product or will generally treat you like a real trainee. In truth, when deciding if a firm is right for you/deciding between different firms you are doing a VS with, I think there are two aspects to consider:
- Differences on paper: how good a firm is in the practices that interest you, their financial position, their strategy, their approach to training etc. These are all points you will have already been aware of and considered at the application stage, so in theory they should be a good fit. While discussing them with practitioners during the scheme might give you further insight, particularly in regards to how the firm compares to its competitors, this is not something is likely to dramatically change your view about how good of a fit it is "on paper".
- Intangible differences: this is I think the true benefit of a VS - to give you a chance to see whether you feel you are a fit for the place "in practice". This will simply come down to how you feel day to day at the firm. You will have heard endless talk of "firm culture" and seen so many firms describe theirs in almost identical manners and might be tempted to think "cultural fit" should in many cases just be a non-factor. However, from my experience it is true that there are relevant differences between social dynamics at different firms. In some places people tend to be social and outgoing; in others more reserved and focused on work. In some firms partners tend to be very serious, while in others they will take themselves way less seriously and be a lot more willing to joke around with associates and trainees. In some places you will see a higher degree of competitiveness and individualism, while in others people focus on the team more; in some firms, associates will seem to be quite passionate about their work, whereas in others they will be more cynical; in some, people will be more relaxed, in others they will tend to be hyper-ambitious. However, it is difficult to make reliable generalizations. Sometimes, the dynamics can differ more on a department by department basis rather than a firm by firm bases; and in many cases your assessment will also be greatly influenced by your luck regarding the particular people you will get to interact more with. In my opinion, the best you can do is to try to engage with as many people as you can and get a feel for the firm as a whole, and then simply see how comfortable you feel in that space. Fundamentally, and as it happened in my case, I think the question of fit tends to come down to a gut feeling more than anything else.
Hiya @Chris Brown
Just wanted to add to the excellent comments by @Andrei Radu. Loved his point that the vac scheme is particularly useful in helping you feel out the more intangible aspects of a firm. In my case, there were a few key things I paid attention to during my schemes.
One was how receptive people were to me asking for work. I try to be proactive and enjoy chatting with people to see where I can get involved. At some firms, that wasn’t always easy. People were polite but not especially keen to loop me/vac schemers into live matters. At others, I found that even busy associates would find time to get me stuck into something, which I really appreciated. This really highlighted how collaborative people seemed. The more open and team-oriented the culture felt, the more excited I was to picture myself working there.
I also looked at how people gave feedback. When they offered feedback, did it feel like a genuine learning opportunity, or more like a box-ticking exercise for them? Since I knew I was leaning towards firms with strong learning-on-the-job cultures, it mattered to me that people took time to explain what I’d done well or where I could improve. This was particularly important to me, since US firms don't always have such structured learning. Feedback on my work was my way of seeing whether I could effectively teach myself how to complete tasks to a high standard.
And lastly, I’d echo what Andrei said about friendliness/sociability and how this can vary from firms. I still remember getting lost on my first day at one firm and a partner offering me a tour and inviting me to get involved with a PE matter (this interaction really stuck with me). It was important to me that people could be seen chatting near the coffee area, or that I'd see senior associates/partners at social events.
Overall, I'd recommend having a think about what factors really matter to you. You're going to do amazing!
Thank you so much @Andrei Radu and @Ram Sabaratnam for your responses! You guys are both GOATed frfr! 🐐
I will definitely try and evaluate these aspects during my VS’. I imagine it may most likely come down to a gut feeling in the end! 😅
I will definitely try and evaluate these aspects during my VS’. I imagine it may most likely come down to a gut feeling in the end! 😅