How is a partner’s compensation typically structured (base, bonus, equity, etc) at a big four vs at challengers like Alvarez & Marsal?

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AM is base and bonus. Bonus is 20-25% of your realization. Big 4 is the number of units you have times earnings per unit of the firm. Higher tiered partners have more units than new partners. Partners usually have a guaranteed portion and scheduled draws.

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Thank you, very insightful!
Couple of follow-ups:
1) AM: Is the 20-25% applied beyond a certain level of revenues or from the first $?
2) So no bonus at all in Big 4? I presume that the units are attributed based on various quantitative and qualitative criteria, any view on those?
3) At Big 4, do these units have an equity value per se or is that just a way to share the profits on a given year i.e. between the moment you become a partner and the moment you retire, do they increase in value?
4) Any view on the buy-in required at Big 4?

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