Pros
P&G is extremely well respected among in-house organizations, particularly in the intellectual property sector. P&G is well organized, and provides outstanding training for new lawyers. The company typically recruits directly from law schools and allows new attorneys to handle high-level work very early in their careers. The profit sharing program provides a very comfortable retirement and Cincinnati has a low cost of living.
Cons
You can really only count on being promoted once (band 2 to band 3). P&G legal is a large organization with increasingly fewer slots at the top as the company has decided to become leaner at the leadership level. The situation is fine if you don't have aspirations to have organization responsibilities. But if you're ambitious and talented, you may be rolling the dice a bit because talent is buffered by timing and the needs of the organization with respect to promotions. Also, while the training of new attorneys is excellent, you may find that development of others is not specifically recognized and rewarded to the extent that you might expect. Some managers are known to cherry pick issues from their direct-reports so they can add certain experiences to their professional record. Enforcement issues, mergers/divestitures, and high profile freedom to practice strategies are notoriously snatched away from junior attorneys.