Pros
Ares is one of the most dynamic, fast-paced, and constantly changing places I've ever worked. If you enjoy and thrive on constant change, uncertainty, and can deal with a lot of confusion at times, you'll do well. If you need order, well-structured processes, clear governance, and leaders who are willing to act decisively, probably not for you.
Cons
Many key areas have no clear leadership, and the organization is really more like a handful of different businesses trying to act as one. If you're on the investment side or business development side, it's fine because all you need to do is focus on your stuff, plus the compensation culture is heavily over-weighted to those areas, and those areas have little or no operational responsibility or accountability. If you're in any of the groups that support the investment or business development side, the lack of leadership direction can be very difficult. Some sub-groups within the broad support group category have it better than others thanks to one or two good leaders trying to make a positive difference. The comp disparity and personal biases in the rewards structure are a real problem. Carry and equity are handed out based on favorites, and many who work very hard to ensure the success of a fund or of the organization as a whole are left out. I am not close to the awards process in any way, but those who are tell me they worry about the process. I haven't seen this, but I hear those who say Yes to whatever the investment and deal teams want get the awards, and those who are saying Yes know that the harder job of eventually saying No, it's not allowed or can't be done, are not going to get rewarded.