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"There is a perception of pure lockstep that it is a kinder environment but sometimes there is a huge amount of pressure – you're either in or you're out," says Rodney. "In merit-based firms it is true you can be brought down – but at least you can be brought up again." There is no doubt that working for the elite London and New York firms still has enormous cachet. According to Jeffrey Lowe, global practice head at the legal recruiters Major, Lindsey & Africa, defections may continue but such prestigious firms will retain their advantage. "At a Cravath or a Sullivan & Cromwell, for example, you will always be perceived to be at the top of the food chain. There will always be people at the top of the food chain who could make more money somewhere else. But a lot of people don't measure themselves in dollars – it's about where you went to school, where you summer, what firm you work at. It's all part of a persona." Still, Cravath understands the world is changing. Multiple sources close to the firm say it is considering having partners rotate among clients so no single attorney "owns" the relationship. It has also convened a committee to examine its compensation system, launched a social media strategy and made other changes to ensure its appeal to a new generation of young, ambitious lawyers. New York, London firms no longer dominate The departure of some of their most talented younger partners is not the only indication that the old order in the legal world is fraying around the edges. Once the New York and London firms were considered the foremost outfits.

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