Pros

Bain and Company balances a high performance environment with a great culture. The partners espouse a results-focused attitude and really hold employees and themselves to this approach. While client services is inherently detailed-oriented and focused on keeping the client happy, Bain manages to do it with a minimum of unnecessary work and a focus on only that which really matters.
Bain is also simply a fun place to work. From a global soccer tournament in a rotating location to a summer off-site meeting to regular happy hours the company really invests in making sure its employees have a good time and the people are generally great.

Cons

Like any consulting job the hours can be extremely variable and there can be some late, stressful nights before important client updates. While some managers and partners are better than others when it comes to managing clients, it is rare that a partner will flat out refuse work and if the client is particularly pushy the lifestyle on the can case can deteroriate.
There is also 0 room for error in analysis and while there is a lot time and effort devoted to training and learning, it is expected that you will be be error free extremely quickly. It can be a very difficult environment for someone is not detail-oriented.

Advice to Senior Management

Largely, keep doing what you have been doing. The firm has a winning culture and extraordinary people. As the company grows globally there may be temptation to become more McKinsey-esque and focus on growth at the expense of making sure we are getting the right people with the right attitudes, and fostering the Bain spirit in each office.
One criticism would be the salary for the third year. Management knows that it is a losing proposition for employees to work the third year at a much lower salary than the first year post-MBA, and given the employees are typically on an externship or transfer for half the year, how much could it hurt to increase the pay?