Pros
Attracts talented and fun people, even if they don't stay long. Projects can be very hands-on regardless of your level. Some big name clients.
Cons
Debilitating lack of experience and leadership at the upper level as a result of senior/director titles previously being handed out like candy to partner favorites. Sr/director-level employees are not capable of providing any real mentorship or structure; most of them lack a well-rounded work background and are generally underqualified compared to their industry peers. Even clients are vaguely aware of the disorganization and unrest. Hours are long ("unofficial" office hours alone are 9am - 7pm), there is no overtime, and perks are few. The office itself is shabby and poorly maintained. Salaries are bloated for the special few but below average for everyone else. Promotions for regular folks are near impossible unless they sense that you are going quit and are desperate to keep you. Interactions with other employees see-saw between normal and very unprofessional, and there are no real repercussions for bad behavior from management favorites.