It may be nearly 300 years old, but Freshfields Bruckhaus Deringer finds itself at an important crossroads in its development.

This time next year, the firm's partnership will elect replacements for senior partner Edward Braham and managing partner Stefan Eilers.

The pair's legacy is likely to be mixed. For all they have achieved in helping the firm grow, they  will also be remembered for last year's fateful decision to supplant its time-honoured lockstep with a modified lockstep, only to return to the same conversation within a year.