One of the more abused titles in recent times. For senior senior associates who are non-partnership track, or put there as a holding position until they get on the track. Also because it wouldn't be appropriate to give them consultant positions as the latter usually reserved for grey haired practitioners.

A&G uses it as an additional rung before junior partner.

Strangely, some firms also give rather junior lawyers the title of "counsel", probably just as a way of making their assocs feel better about themselves? Usually the newfangled or boutique ones. *cough Providence * cough