Pros
1. They used to give fantastic hikes, but now its just decent. Still better than the hikes which well reputed firms offer in IT. 2. Good work life balance. 3. If you want minimal work pressure, Thirdware is heaven for you. Sit back, relax and let the other guys take the lead. As long as the project is running smooth due to others, you can pass your time just fine.
Cons
1. Lack of projects. 2. Reluctant to explore and bring projects based on the latest technologies. 3. No onsite opportunity. 4. Managers who are newly hired to the firm are severely unskilled. 5. Once Thirdware had many implementation projects, now they just have only a few, could be counted on fingers, that too of only one hand. 6. Thirdware runs because of one client which holds major portion in stakes, and even there Thirdware has been getting a bad name recently due to few mess ups that has happened for different projects. 7. Things move extremely slow in the projects which belong to their biggest client. New ideas are always discouraged by clients, at least in my own personal experience. 8. In a team, you can find only one or two good technical resources, others just come and pass their time in office. The ones taking responsibilities would face the burden of work despite others having plenty of bandwidth, not because they don't want to work but they don't have the expertise.