For firms that have two partner tiers, which firms have a lower tier that is truly “non-equity” versus being a mix of equity and fixed income? For example, my understanding is that NEP at Kirkland is the former, whereas “income partner” at Latham is the latter (but I could be wrong on both counts!).

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I’m not sure if there is a meaningful distinction beyond the fact that making non-equity at other “top” firms is more difficult than Kirkland and typically starting comp is higher

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At least with respect to Latham, my understanding is that income partners effectively get a fixed draw plus phantom units that effectively share in profits plus discretionary bonuses.

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This is right

Not sure it's so binary. Any points system is technically both

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