I've heard of law firms that will hire experienced attorneys as partners. What are the chances of this?

Question

Will they still get a partner's salary and benefits?

Answer 1

If an experienced attorney has an area of expertise that a firm wants or is a proven rainmaker, that attorney may be brought in as a partner.  If as an equity partner, the attorney would have to make the equity contribution and would share in the partnership distributions.  If the attorney is brought in as a non-equity partner, the attorney would simply receive a salary.