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This appeared in the NYT a few days ago:
http://dealbook.nytimes.com/2012/09/24/ ... ing-times/

What are peoples thoughts on the old school lockstep system?

Pro/Con, relevant/irrelevant, good for associates/partners/both? Are its days numbered or will these firms stick with this model for the next decade?

Relevant, good for associates, good for firms as institutions, going to stick around for firms like Cravath that have institutional clients. Those institutional ties are weaker than they used to be, and partners now have to pitch clients for business, but those partners are still pitching Cravath the firm, not the individual partner.