At one time you could sit in the middle as a 1099 or W-2 subcontractor; sure you didn't necessarily get a raise unless negotiated and promotions were unlikely d

At one time you could sit in the middle as a 1099 or W-2 subcontractor; sure you didn't necessarily get a raise unless negotiated and promotions were unlikely due to contractors typically not leading teams unless they too were contractors. But it also removed you from all the office politics, employee reviews and the general hassle of being full time, and you got 100% of your equity from any company up front: they paid by the hour for every hour worked, no more no less. Much better (IMHO) than throwing the dice and hoping for a buyout or IPO on options that 9 times out of 10 are worthless. Unfortunately due to misuse of contract labor on both sides the IRS cracked down to the point where it's now rarely feasible.