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Now, this left me wondering what equity partnership in a law firm really means? Isn't the concept of equity something that is limited to only companies? How does one calculate its stake in a firm? Moreover, does equity really mean anything i.e., can you liquidate your equity in any form if you choose to leave the firm?
All we often see is partners jumping with their teams from one firm to the other at best. Would be grateful if someone could answer these questions and explain the law firm structuring in details. Thank you!