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It depends. Some firms have of counsel positions for older specialists who are experts in their field but don’t want to have a billable requirement and responsibilities of a partner
For my firm, our "of counsel" is really more like a private practice attorney that we refer cases out to.
Rising Star
It varies widely depending on the firm.
My firm in particular has many of counsels, if that helps.
Alright, it’s a stepping stone to partner at my firm. They are generally younger attorneys. I am trying to see if that can be alternative to making partner.
Chief
An equity partner shares profits. Counsel are employees. Unlike an associate, a counsel’s relationship with the firm varies from firm to firm and often from counsel to counsel within the same firm. Some may be partners in waiting, others are never partners in waiting.