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Neilkumar, a partner shares in the gains/losses of the firm. At big firms, partners are really glorified employees since they can easily be removed. At smaller firms, partners share the wealth to various degrees and make the management/marketing decisions.
I should also note that not all partners are treated equally even within a firm. Tax law allows different disitributions among partners. You might have various levels of partners some of whom make a lot more than others. Generally, the more seniority or bigger the client base of the partner the greater their share of the pie.
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