2 level-deep drop-down menus using naming convention for both levels
<ul>
{% for link in linklists.main-menu.links %}
<li class="{% if forloop.first %}first{% elsif forloop.last %}last{%endif%}">
{% assign child_list_handle = link.title | handle %}
{% if linklists[child_list_handle].links != blank %}
<div class="has-dropdown">
<a href="{{ link.url }}" class="clearfix">
<span class="nav-label">{{ link.title }}</span>
<span class="nav-arrow"></span>
</a>
<ul>
{% for childlink in linklists[child_list_handle].links %}
<li class="{% if forloop.first %}first{% elsif forloop.last %}last{%endif%}">
{% assign grand_child_list_handle = childlink.title | handle %}
{% if linklists[grand_child_list_handle].links != blank %}
<div class="has-dropdown">
<a href="{{ childlink.url }}" class="clearfix">
<span class="nav-label">{{ childlink.title }}</span>
<span class="nav-arrow"></span>
</a>
<ul>
{% for grandchildlink in linklists[grand_child_list_handle].links %}
<li class="{% if forloop.first %}first{% elsif forloop.last %}last{%endif%}">
<a href="{{ grandchildlink.url }}">{{ grandchildlink.title }}</a>
</li>
{% endfor %}
</ul>
</div><!-- .has-dropdown -->
{% else %}
<a href="{{ childlink.url }}">{{ childlink.title }}</a>
{% endif %}
</li>
{% endfor %}
</ul>
</div><!-- .has-dropdown -->
{% else %}
<a href="{{ link.url }}">{{ link.title }}</a>
{% endif %}
</li>
{% endfor %}
</ul>