In this paper, we investigate the quantitative performance effect of moving as many of the server responsibilities as possible to client workstations to reduce the need for high-performance server machines. We have devised a cache protocol in which all data reside on clients and all data transfers proceed directly from client to client. The server is used only to coordinate these data transfers. This protocol is being incorporated as part of our experimental file system, xFS. We present results from a trace-driven simulation study of the protocol using traces from a 237 client NFS installation. We find that the xFS protocol reduces server load by more than a factor of six compared to AFS without significantly affecting response time or file availability.