These problems can be addressed by creation of a centralized matching authority. Under such a system, participating firms would still interview candidates for summer placement. At these interviews, candidates and firms would still be free to discuss any aspects of the internships. But the firms would not make offers directly to students, nor would students finalize placement at the time of the interview. Instead, firms would give the matching authority their preference ranking of candidates, along with the number of seats they have available. Students would give the matching authority their preference ranking of firms. On a preannounced date, the matching authority would match the firms with the candidates, taking into account both sides’ preferences.

I don’t see any real downside to this idea, other than the fact that inertia against this type of change is very strong.

This also ignores the fact that most law school grads across the country don’t get jobs through on-campus recruiting (med students nearly all do, to my knowledge), but that is a separate, if somewhat related point.