Multi-speed drill and transmission with low gear only clutch

A multi-speed drill includes a housing with a motor including an output member. A constant mesh parallel axis transmission can be disposed in the housing and can include a high speed and low speed gears. A clutch member can be associated with the low speed gear. A conical spring can bias the low speed gear and the clutch member together for torque transfer up to a predetermined torque level. Above the predetermined level, cam surfaces between the low speed gear and the clutch member move them apart, thereby limiting torque transfer to the output spindle. In the high speed mode the torque transfer between the input pinion and the output spindle bypasses the clutch member. The maximum torque level capable of being generated at the output spindle in the high speed mode can be less than the predetermined torque level.