This isn't quite true. The current market bonus scale is 15k - 25k - 50k - 65k - 80k - 90k - 100k for years 1-7 (http://abovethelaw.com/2014/11/associate-bonus-watch-davis-p...). Market salary scale is 160k - 170k - 185k - 210k - 230k - 250k - 265k (http://abovethelaw.com/2007/01/breaking-simpson-thacher-rais..., market hasn't changed since 2007). So total compensation looks like 175k - 195k - 235k - 275k - 310k - 340k - 365k for years 1-7. (Most biglaw firms don't offer any 401k matching.)

There are a handful of firms that beat the market scale, but even more firms that pay less than market (mostly through below-market bonuses, rather than through below-market salaries).

First-year partners aren't likely to make 1MM+, but rather something in the range of 300k-700k (http://www.quora.com/What-does-the-average-junior-partner-at...). Average compensation of all partners in 2012 was 681k (http://abovethelaw.com/2012/09/new-data-on-law-firm-partner-...).