<p>An associate is an employee. A partner is an owner (well, an equity partner is an owner, some firms now have non-equity partners). As an associate you make your agreed-upon salary, which is only $160K at the very largest firms (Commonly know as Biglaw). You may make a bonus for billing a certain number of hours in a year (generally 2200 hrs or more). The law firm makes money by billing a client for your time by the hour. If you make partner you get a cut of the profits. You are also expected to bring in business, which is not billable time, while keeping your billable hours up and managing the associates under you. Your firm may be anywhere from unprofitable (no cut above your salary, and probably looking for work soon) to $700K PPP (profits per partner) per year. All of this affects your income.</p>
<p>And don’t worry about not being on any cases. Your firm will find work for you to do, and if you’re smart you’ll be proactive about seeking it out too. If they didn’t have work for you, you’d be handed your walking papers.</p>
<p>It sounds to me like you’re fixated on the $160K+ income. You are unlikely (statistically) to make this. Also realize that to bill the number of hours needed to make that, you will be living in your office. Broken down hourly, you could make just as much in several other professions. I’m not telling you not to go for it, just preparing you for the reality that there are many more top law school applicants than there are Biglaw jobs in this country.</p>