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I'd rather go back to the hopeful times where I thought that my CV was the problem - turns out its just me :)
I saw a lot of my batch mates get offers from big firms, i also got placed in the same cycle. Honestly - I have interned at corporate law firms, but I am not the corporate material. Infact I don't like the job. I have performed poorly during most of my corporate Internships.
During my Internships I have seen extremely competent, skilled and hard working Co interns who are often from schools with not so good placement scene and reputation. Now most of them are staring at Litigation as the option as they say they don't have a chance at a corporate law firm.
Why do firms hire from campus when they can hire the best interns. Attracting interns is also quite easy. And interns can't fool recruiters with a fancy cv and grades.
If any of the firms who came for placement decide to do an assessment internship - I would never break it to any firm, neither would some people I know in my batch.
If firms hired through Internships, I felt that quality of the batch they are hiring would be better, and they can get to know incoming Associates better.
If now Internships, they can also get good quality Associate if they hire laterally from tier 2 or 3 firms.
Even now why are firms still hiring a majority of Associates via campus placements?
As a side note - most of those who got hired from campus are really good. Its just that I felt there were better candidates I encountered during my Internships.