How much equity do tier 1 or tier 2 law firms give to new partners (not salaried partners).

Less than 1% to start with. I know people in KCO with 0.5% equity. Mind you, even that's quite substantial given their business volume.

What's the ceiling like? For instance, how many of these EPs go onto earn 3-5 Cr over the course of their careers in places like CAM, Trilegal, KCo etc.?

Avg profit is 150-200 cr so 0.5-1% sounds correct

It would be great if someone mention the equity range based on PQE or levels:

Level 1: Cyril, Shardul, Zia, Bahram etc. (Excluding Luthra)
Level 2: Vishwanathan, Ashwath, Akshay Chudasma etc. (Excluding Saraf)
Level 3: Yash Ashar, Gauri Rasgotra, Hardip etc. (basically people with around 20 years PQE)
Level 4: Recently promoted equity partners

Also, in more diversified equity firms like Trilegal and Khaitan (to some extent), would the Managing Partners fall in Level 1 or Level 2?

Not as valuable as ESOPs in a start up if the start up is successful.

Me-100% :P