Pros
The opportunity to build ones business from scratch exists here. However, the infrastructure, the senior support and the capabilities needed to pull off game changing deals does not exist here.
Cons
You will work hard and management will demand everything you have, but do NOT trust them to live up to their promises (think PAY). The partners either no longer have industry connections, or are not willing to open their rolodex. The junior staff are way too dependent on senior bankers for hand holding, making it extremely difficult to focus on client advisory and business development. I have lost several potential big deals due to the firms perceived lack of capability or expertise. Many bankers here at TAP have worked on transformational, complex deals. Unfortunately, it is hard separate your brand from TAPs brand when pitching complex ideas to clients.