Pros
Top tier clients who provide (for the most part) interesting work. The size and scope of the projects lends itself to providing junior consultants a chance to make major contributions to the project while also expanding their skill set. The recent salary adjustments have made the salary more competitive (although there is still a lot of room for improvement). That being said, the other benefits in the compensation package are excellent for the size of the firm. Work/Life balance can waver, but is pretty decent, especially when comparing to other strategy consulting firms. Overall, its a good place to learn how to be a consultant, especially for those that did not get into the Big 3.
Cons
With the compensation adjustment, the biggest issue now is probably the management. Current power structure is nucleated around a select couple people, who do not seem to want to modernize the firm. The other VPs need to be given more decision power. Company seems to be too obsessed with keeping costs down.