<p>Junior Partner has no equity in the firm! Anyone who bonuses on a sliding scale of firm profitibilty is a JP. (or Revenue Partner). Who doesn’t bonus after five years in a Law Firm?</p>
<p>It’s simple economics. If you prove your worth then the powers to be will happily give you a small percentage of revenue (Junior Partner). Again simple economics since a senior associate at a major law firm will be expected to bill a million a year. If you’re not deemed worthy, sooner or later your seat will be given to a junior associate. Simple Greed! Why pay a sixth year senior associate salary when there are no shortage of junior associates out there.</p>