Pete asks Joan to make a personal and moral sacrifice to ensure the company lands the Jaguar account. Don becomes furious after learning of the impact Megan's new profession will have on their life. Feeling unappreciated, Peggy attends lunch with Freddy Rumsen, who encourages her to make a move.

While Don continues his affair with Sylvia, Pete's latest infidelity threatens his marriage. Meanwhile, Peggy's icy relationship with her new staff continues, but she also gets an unlikely tip on a potential new client.

As the firm prepares to go public, Don and Pete's actions cause them to lose two huge clients. However, Roger uses a new connection to put them in position to gain their biggest client ever.