Pros
If you don't know anything about the search business, this is a good place to get a working knowledge. You get exposed to the best tools in the search business.
Cons
Total lack of leadership from the top. The CEO is purely a Wall Street leader with absolutely no understanding of what it's like to be one of his own Partners. The practice leadership group is a political snake-pit. The management committee has been the same for a decade. They change compensation plans mid-year, with absolutely no explanation to their Partners and pay them the least amount they think they can get away with. The compensation drops every year. Because they operate on a zero cost per-partner basis, they end up taking compensation away from profitable, high-performing partners to pay for employees who are under-performers that are part of the political hierarchy. There are several people who work at the firm where no one understands what they do. Their non-search businesses loose money every year and they treat the search partners who provide all the profit like garbage. The most politically charged consulting organization in the world. You spend 40% of your time serving clients and 60% of your time watching your back. This is a culture bred by its leaders.