They are run by partners laser focused on making money, just over a longer time horizon than private equity would be. Equity partners have most of their own wea

They are run by partners laser focused on making money, just over a longer time horizon than private equity would be. Equity partners have most of their own wealth tied to the firm. Grads are cheap. Partners can dangle the future senior associate/partner carrot over the head of a hopeful junior for many years while that junior brings in money that goes into the partners’ pockets. The junior brings in more money as they grow professionally.