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They’re completely different career paths and you should start by asking yourself whether you want to be a transactional attorney or a litigator.
To answer your last question, they become experts in IP licensing arrangements. Some TT partners are able to generate their own business by bringing in standalone licensing deals and don’t need to rely heavily on deal support. It’s not that common but not that uncommon either.
Either path is valid for partnership (will depend more on one’s individual circumstances and network than the specific speciality) but TT probably better for pivoting/flexibility in career. Way better in-house options.
Agree with this. TT has way better exit options. I’m an IP litigator only because I prefer litigation work that much more, otherwise I wish I was someone that liked transactional work.
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Patent prosecution + licensing + occasional deal support is also a path. Many firms house the patent teams and tech transactions teams together and some have a foot in both practices. Some of my favorite people at my former firm did this.