d39bcd59_ons_of_non_equity_partnerships__Advantages
[Management Attribute] Marketing [Pitfalls] Some firms promote the distinction in levels by calling their non-equity partners “principals,” “directors,” or something else other than partner. This practice negates the marketing advantage of having an income partner level. [Advantages] 
Being able to promote someone to partner provides increased credibility for that person within the community—and the firm. Having a non-equity partner level makes that promotion feel easier for firms.
The pros and cons of non-equity partnerships
Advantages