A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position. Originally, these businesses were set up as legal partnerships in which the partners were entitled to a share of the profits of the enterprise. The name has remained although many of these entities are now corporations and equity is usually held by shareholders. Sometimes senior employees of the firm may have the title “partner” (e.g., “salaried partner”) to indicate a profit sharing status. Salaried partners are distinguished from equity partners, who own the business.