"People at Clifford Chance (CC) deliver for the firm and not the individual; it's not about egos," says the magic circle firm's global private equity head Jonny Myers (pictured).

Of course, in the wake of a number of partner exits from the practice in recent years, it would be surprising if Myers – who has on occasion been the subject of departure rumours himself – was putting forward a line about anything other than the importance of team spirit.

Underlining the damage US firms have carried out to the firm's practice, Latham & Watkins returned during the summer to pick up infrastructure M&A head Brendan Moylan. While not sitting within the private equity practice, Moylan specialised in PE-related deals, with a particular focus on infrastructure clients such as Global Infrastructure Partners.

Following multiple exits to Latham in the five years since former private equity head David Walker's departure in spring 2013, Moylan's move has once again raised questions about CC's status in the private equity sphere.

While the practice, which is made up 21 partners and roughly 60 associates in London, has been stable in more recent years, some still argue that it lacks enough star performers in the wake of the exits that followed Walker to Latham in 2014 – CVC favourite Tom Evans, Africa specialist Kem Ihenacho and German duo Oliver Felsenstein and Burc Hesse. Market sources suggest that relationships with key clients like CVC and Carlyle Group have been affected.

While they have been clients of CC for some time, Permira and CVC have both recently handed mandates to Freshfields, while Carlyle turned to Linklaters last year on its acquisition of defence company Praesidiad from CVC, which was advised by Freshfields. And US firms have also made steady inroads, with Simpson Thacher & Bartlett tightening its grip on KKR in recent years, advising on deals such as its €7bn purchase of Unilever's spreads division earlier this year. "Compared to where they were in the market," says one partner at another firm, "CC is not so far ahead anymore."

But Myers is undaunted. He says the practice's revenues are up by about 35% since the exits five years ago, and that within the last five months the team has worked on deals for a raft of regular clients including Actis, Blackstone, Carlyle, Cinven, CD&R, CVC, EQT, KKR and Permira.

In June, he led a team advising on a €2bn (£1.8bn) double deal for Partners Group on the acquisition of both Megadyne Group and Ammeraal Beltech, contracts for which were signed within two hours of one another, and newer clients for the PE practice in London include Elliott Advisors – the owner of bookstore Waterstones, which is in the process of purchasing Foyles – and Aberdeen Standard.

Myers highlights that even after recent departures the firm still has a strong bench, made up of the likes of Spencer Baylin, Simon Tinkler and Amy Mahon, while the exits have also opened up opportunities for talented junior lawyers to prove their worth.

In the past three years, three associates have been made up to partner in the London private equity team: Alexandra Davidson, Christopher Sullivan and Andrew Husdan. Sullivan, though new to the partnership, has already earned a good reputation among industry competitors who highlight his work for Cinven, while he worked alongside Baylin on the Waterstones deal.

Baylin and Mahon also recently led a team advising EQT on Apax Partners' $2bn sale of chemicals distribution company Azelis.

So how does Myers plan to stop further partners from leaving? Simply put, by appealing to their sense of team spirit and the calibre of the firm's clients.

"It is a free world," Myers says of the US offensive on the magic circle. "Some of the US firms have been here for over 30 years. Understandably the US firms are looking to become key players in the European market. We continue to ensure that our growth is done as a team.

"It's the people that are fundamental to this place," he adds. "What drives the people here is the quality of the clients, the work and the associates – and we have many outstanding associates."

One rival PE partner says of the firm's team: "CC still has a very good name in the market," with a "recognised brand, footprint and client roster".

Another partner adds: "If you asked me a couple of years ago, I'd have said that they went downhill a little, but in the last year or so they've come back up. I think you see them in more deals now and they've got some of their clients back."