Equity for Startup AM Firm?

Haven't come across this before, but there's a startup/small AM firm that is looking to bring on an analyst. The compensation includes base + bonus + equity.

Does anyone have an idea of what equity would look like? Is this a % of the total firm, a % of profits, anyone have any idea what this could look like? If so, what's a reasonable expectation?

This is something to discuss with them, but want to be as prepared as possible.

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