Pros
At least as an attorney, we get very good support. Staff is generally pretty good. I'm very happy with the people I work with. They give a great deal of responsibility very early on. I am the only attorney on a case, with a great deal of discretion in how to resolve it. I also advise the auditors, and have some discretion over their decisions. The work-life balance is excellent, with a 40 hour work week, plus if I work extra, I can use that towards time off. After a year, there is the opportunity to work from home, up to 80 hours or so per month. Great job security. Provides excellent exit opportunities.
Cons
Compared to law-firms, the pay is not very good. Roughly half of what big-law attorneys make (although the hours are much better). They need to put more effort into training managers, rather than just promoting competent attorneys. The computer systems are junk.