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bro you dont know how to make references
Naturally, these people tend to have a lot of influence in the team & can call the shots on PPOs too — if that's the underlying concern here.
While Principal Associates are a step below partners and can expect to be evaluated for partnership in due course, the term "counsel" is often ambiguous, when a firm isn't sure what it wants to do. Usually used for new hires, who the firm doesn't want to bet on by making a partner straightaway, but cannot make the person a PA, because the person wouldn't join. So it's more of a lolipop. If you join as counsel, whether or not you make Partner, depends on how your manager perceives your work.
This holds true for almost all law firms, except Trilegal, where Counsel is the term used for PAs elsewhere. Some firms also do not promote PAs to partner, but to a "partner designate", which is again like a "counsel" or (if you like prefer) an escrow. The "designate" bit is misleading, because there is not guarantee that you will be made partner.
If you are being offered a counsel position at a firm, I would suggest that you fight tooth and nail for joining as a partner. Don't go on future promises.
job tags are as good as dogs' names