Got a verbal offer over two weeks ago and still waiting on written. Recruiter has been updating me and says it has nothing to do with the package but that the final approval (Sr Counsel) is basically tied up with other things. Is this a red flag?

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At one industry firm I worked for earlier in my career, offers had to go through 7 layers of approval, no matter if it was an entry level hire or an exec hire. HM, HM's boss, HM's boss' boss, line HR, line HR's boss, division finance POC, and division finance POC's boss.

It routinely took weeks for offers to get all the approvals, even for urgent hires.

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No, not a red flag. Same thing happened to me and my formal offer came a week or so later.

At some places offer process has lot of red tape bureaucracy around it. Wait, you should get it

Standard

Not unusual. I got a competing offer from another firm and told the recruiter...she hustled every required approver and I ended up getting the offer that same day.

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