Cherished walk around firm (9)
I believe the answer is:
treasured
'cherished' is the definition.
('treasure' can be a synonym of 'cherish')
'walk around firm' is the wordplay.
'walk' becomes 'tread' (treading is a kind of walking).
'around' is an insertion indicator.
'firm' becomes 'sure' (I've seen this in other clues).
'tread' enclosing 'sure' is 'TREASURED'.
(Other definitions for treasured that I've seen before include "Valued" , "Valuable" , "thought highly of" , "Much-valued" , "Cherished, precious" .)