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The only reason that you are offered partnership within a firm is to increase profit per equity partner.
That's the only reason.
...And would profits go down?
This doesn't mean that the firm is just focused on PEP. The law firm is a business, however, whose duty to the shareholders (the equity partners) is to maximise profits.
The best way to do this is to create satified clients (Peter Ducker's Definition of the aim a Business). Profit is the way we keep the score.