Lifestyle firms are a myth. Even 200 fewer billables in a year is a 4 hour a week difference - not really that much. The bonuses are the same in every firm but Wachtell so thats not why people go. The term V10 is kind of an arbitrary one. A top firm looks good on a resume, probably has interesting work, those are reasons to go there. But V10 isn't really the big deal. Some firms outside of the V10 are amazing at one thing, (paul weiss, Quinn Emmanuel) and are worth going to above a V10 if you prefer it.