Pros
You get to work on a wide array of projects and meet many big name clients. Working directly with higher ups in large development companies and networking is a big (and the only) pro. Invaluable stepping stone company.
Cons
Where to start? The problem is top down. The CEO does absolutely nothing, and is too cheap to ever improve anything. He berates his partners, never visits any other office, eavesdrops on calls, refuses to upgrade the infrastructure, and I can go on forever. I wish I could tell new hires to run. Promotion from associate to senior associate? Congrats, your day to day is 100% same. Senior associate to manager? Same. It's a steep learning curve, but a VERY low ceiling because your day to day will always be the same. HR is terrible, gives attitude for everything after the first week of being friendly. IT.. don't even get me started. The IT department is absolutely terrible. Simple fixes requires IT to google the answer. New phone systems? The new phones sit in the back for years before they toss it and upgrade again (skipping the new phones from the previous cycle). New computers? Hah. Windows 98 servers in the back room. Simple fixes can take days/weeks, and I've heard multiple offices complain about it. Never seen such high turnover outside of an accounting company too. Run. Run while you can. When you hear other managing principals talking about how cheap and terrible the CEO is... there's a problem.