Pros
If there are pros for the firm, it's few and far between. The best thing about the New York office is a small pocket of employees who are new to the firm that actually try to make a difference. While they are a small force, the frustration increases day by day. It is a common to say "we're up a creek without a paddle".
Cons
Two words can pretty much summarize the firm - accountability and fragmentation. The culture, at least in the NYC office, is one of political finger pointing which lead to a lack of accountability by mid-level and senior managers. This lack of accountability even for simple concepts such as "best practices" is affected by this culture. This also leads to fragmentation - everyone out for themselves instead of helping to improve the culture and the current state of the firm.