For some senior associates, this is a stepping stone towards partnership, whereas for others who do not have aspirations to make partner, this role supports seasoned professionals to assume a role with greater status in the firm that is commensurate with their experience.
There are an array of reasons why an attorney may be evaluated to be best suited to a Counsel position, although the most common is that the professional is unable to meet the criteria for partnership as their book of business is not sufficient to merit it.