<p>“the powers to be will happily give you a small percentage of revenue (Junior Partner)”</p>
<p>This is all wrong. There are a few firms out there that make income/stipend partners around 5 years – Kirkland & Ellis is one. But this is a change of title and perhaps of responsibility; you are NOT given a percentage of revenue just because your card says “Partner.” You are still an employee, and an at-will employee at that. At most firms, a 5th-year associate is a mid-level, and no one is up for any sort of partnership until about year 8.</p>