Apple has it by the bucket load. High-end fashion houses such as Gucci and Prada have it. Ferrari, Aston Martin and Jaguar all have it. But do Clifford Chance and Allen & Overy? According to more than 3,000 students, the answer is a resounding yes. 

What we're talking about is prestige – which, according to this year's annual Legal Week Intelligence Law Student Report, is one of the biggest factors in attracting would-be solicitors to apply to any given firm.

If there is a certain amount of 'cool factor' that comes with wearing certain clothes or driving certain cars, for many students this extends to working for certain firms and advising certain clients. 

Prestige tops a host of seemingly more important factors – including the availability of LPC funding, a firm's track record in retaining trainees, and even salary and benefits – when it comes to influencing which law firms students want to work for. 

Of course, prestige is a different thing altogether to brand: Burger King and Tesco both have strong brands, but lack prestige. You only have to look at the annual Superbrands ranking to see the limited extent to which most law firms' brands are recognised – Clifford Chance was revealed in March as the highest-ranked law firm, but achieved this on a position of only 241st out of 500 brands.

So how do these firms win prestige? Based on the many comments gathered in the research, the student population can be swayed by how much cash firms flash while they are on summer placements or at drinks events when they are doing the rounds at careers fairs. 

And prestige clearly has a big role to play when attracting clients to particular law firms, too. For all law firms' wining and dining of key clients, on a bet-the-company deal you just can't beat the allure of the magic circle. Directories may well name just as good – if not better – partners in a particular practice area at another firm, where you would be sure to get more change from your legal bill, but still the top clients keep flooding to the magic circle. 

Not to take away from the magic circle, of course – clearly if they weren't doing it right, the clients wouldn't keep coming back. But what does this mean for the band of firms sitting outside this top tier which may lose out both on prospective lawyers and prospective clients?

Playing catch-up on the cachet front is always going to be difficult, but – particularly in this market – that is not to say there are not battles to be won on pricing, quality of service and valued-added benefits, to name but a few areas.

After all, even the Gucci-wearing Ferrari driver needs a more low-key brand for the school run.