Pros
Great health care, retirement, and tuition benefits. In a well run department it can be a very vibrant and fulfilling place to work. Can also be a wonderful opportunity to learn about cutting edge research.
Cons
Working at NU often feels like a caste system to me, and the faculty are in the cloud hovering over the pyramid of administrative deans, senior management, middle management, and administrative staff. A hierarchy is evident in most all corporate employment structures, though the separation between faculty and staff is more apparent than I ever experienced working in corporations. This is unfortunate because a large portion university activities happen because of the work being done by those at the bottom of the hierarchy. Because university staff positions do offer a number of great benefits, and this should not to be overlooked or minimized, even entry level positions have many applicants. This allows the university to ignore what I believe is a pretty significant employee morale issue. A dysfunctional department will still be able to easily attract new staff, and many employees will remain in dysfunctional departments just to hold onto a great healthcare package.