What happens if a senior associate or VP gets laid off? Chances of becoming Partner?

Hey everyone! I am not in IB or PE right now, but looking to get into PE post undergrad or post 3years IBD and MBA. That would be my final goal.

I have always wondered this:

What happens if a senior associate or a VP gets laid off? Would the be able to get into another firm at the same level, or are they toast?

Also, do PE post-MBA senior associates usually make it to VP? Is VP usually the highest people will get to, or is the Partner level normal after some time?

Thanks! And remember, I am not in IBD or PE yet, just wondering!

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