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<p>I’ve always wondered what exactly that means. Seriously, what exactly is the difference between a non-equity partner and just an associate, or perhaps a senior associate? Isn’t that basically the same thing? If you don’t actually receive a share of the profits of the firm, then how are you really a ‘partner’? Aren’t you basically just a higher-paid and more experienced associate? Isn’t the term ‘non-equity partner’ really an oxymoron? </p>
<p>Now, granted, I understand that non-equity partners can attend (but usually not vote) in partnership meetings and may even have access to internal firm financial data. But come on, that’s small potatoes. Who cares about attending partnership meetings and seeing financial data if you don’t actually share in the profits of the firm? I suspect that the real purpose of the non-equity partnership is to confer the status of the partnership ‘rank’ without actually providing the profit sharing that is commensurate with that rank.</p>