Pros
A limited number of professionals with market standing reside in the firm. For junior folks, utilization is probably equal to big 4, but on a lower base. You will have more of a life here than there, but turnover was significant.
Cons
The rest are Arthur Andersen. It's a club reserved for Andersonites. Very few stars (just baby consultants with no hands on operational expertise, limiting moral authority in the marketplace), deliverables are average at best, which tend to be churned to juice final client bills. Projects are generally average, with interesting projects landing in larger firms. Remember...this is an internal audit based firm, meaning lower bill rates (reflective of low grade body shop "consulting" firms) than consulting/advisory work, of which there is little. Not sure where the pay scale resides, probably average, but the bonus structure is just awful (you can see it on the Ladders currently under regulatory consulting firm) and tends to evaporate to near 0 if you are not in the club, and that is done by whim (so think about the potential for long hours, weekends, and red eyes: is this really worth it?). MD comp packages are quite large, everybody else is limited and dedicated to perhaps out of market MD packages. Maybe this is just "consulting," but better models (projects, quality of colleagues, remuneration, progression, etc.) exist than this one.