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Yes although as a counsel at a v10 you might be making more than most neps out there
Mentor
To be perfectly honest, you are probably better off lateraling as counsel and then looking to be put up for partner a year or two later. Not to say firms don't bring in laterals with a title bump, but you're potentially setting yourself up for not only the challenge of integrating but also managing expectations in a new role. Also, as a practical matter, it can be easier to "sell" you to clients as a new team member when you're in a counsel role at a lower rate (especially for clients that might wonder why they're paying for 2 partners on a project). This may make it easier for you to plug in, start building relationships and staffing up, and then make a compelling case for partner down the road.
The process varies depending on each firm's approval process, but if you're a strong candidate for an actual need, then it would likely be about six to eight weeks from initial submittal to offer, then likely another two to four weeks to come to acceptable terms.