A hydrokinetic torque converter and lockup clutch assembly comprising an impeller housing (80) and a clutch construction situated within the housing (80) comprising a clutch plate (86) in the form of a piston having formed thereon an annular friction surface (90), a friction disc (92) located between the friction surface (90) of the clutch plate (86) and an adjacent wall (82) of the impeller housing (80) and having an inner margin (94) secured to the impeller housing (80) at a location radially inward of the friction surface (90), friction material (100) formed on the friction disc (92) and flow passage means for establishing a circuitous cooling oil flow path across the dynamic friction surfaces of the clutch to establish cooling and for eliminating wear as the pressure in the clutch control pressure chamber is modulated to effect a continuous slipping of the clutch surfaces during operation of the converter, the friction disc (92) providing a shield that minimizes heat transfer to the impeller housing (80) and for providing maximum compliance of the face of the friction surface (90) with respect to the friction material (100) carried by the friction disc (92).