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Reply to "Did you go from fed to law firm partnership with or without a headhunter?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I think the key distinction is if you're trying to be an equity partner or an income partner. At a firm with income partners, I'd say sure, you can make income partner with tons of experience and no book. Why do they care if they're not sharing a piece of the pie with you? It's not going to happen, however, at a firm with an equity-only partnership structure. You'll need a large book.[/quote] Income partner is not a partner. If you don't own equity, you are not a partner. Outside of law, income partners are called director ( big 4s).[/quote] That's not true in the law. They are still their own boss, pay their own benefits, etc. (at least at the firms in which I am familiar). They also have the same ethical and legal obligations to the business as equity partners. The are far more similar to equity partners than to any other class of employee, even if they don't have an equity interest.[/quote]
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