<p>A non-equity partner means different things at different places. Voting power is a totally different thing; some firms have handed control to a manager, others to a committee, and others are run by one guy who decides what everyone makes. (I’m not kidding.) Some firms only have votes on specific subjects. That’s all over the map.)</p>
<p>Non-equity also means different things. On one end of the spectrum, it’s a glorified senior associate. Moving along, it becomes a job in which your salary is no longer guaranteed - beyond a base draw - so you are forced to bring in business or die on the vine. (For some firms, bringing in a level of business is a pre-req for partnership, except for areas - like corporate tax or bonds - where most people don’t have their own clients - but then, they tend to have fewer partners because of that. Clients = power.)</p>
<p>Non-equity in many places means you get a portion of the business you bring in, as opposed to getting a salary no matter what. Firms vary on how they divide business up; some give credit for origination, some for development of new business with an existing client, etc.</p>