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][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. [b]The are far more similar to equity partners than to any other class of employee[/b], even if they don't have an equity interest.[/quote]

Except when it comes time to fire them.[/quote]

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