There is an interview with Andy Rachleff (former VC at Benchmark and CEO of Wealthfront), where he notes that the problem with Kleiner is that the old partners never retired. They just stayed on and did very little actual work but since they owned huge stakes in the partnership they collected much of the carry. Over time new firms (like Benchmark) formed that basically pushed out partners who started coasting. If you are an ambitious young VC which kind of firm would you work for?