Pros
Good work life balance (Depends on project to project). Good learning for certifications/courses. Flexibility, Can work from anywhere (Also this depends on project to project basis).
Cons
Worst pay, compensation & growth. Top level management don't know anything about market skills. They are just there for prolonging their services. They will never allow good performing employees to come up as they feel it will be challenge and it might take their job/role. So they will not promote your names for promotions/hikes and make you feel leave this company, By doing this they want their jobs be survived and no competitor for them at top level. Almost all top level management are oldies with too much attitude, ego's with them. They think they own this company, but reality is they are just useless people to warm bench with no value in market.