Cornerstone Research – “Completely different for analysts v. senior staff”

Pros

The work is very interesting and challenging - cases can be mini problem-solving exercises and it's enormously fulfilling to file a report and finish up a project.
Smart people from top colleges are good to brainstorm with. People are generally hardworking and do not slack off, so there is a lot of cooperation and a collaborative work style.
Management rewards being a "good corporate citizen" so it's easy to get help, advice or extra hands to pitch in for tight situations and deadlines.
Cornerstone pays well compared to competitors. Management tries hard to maintain a congenial work environment with various social activities organized on a regular basis.
Good opportunities to keep in touch with academic, attend academic conferences etc.

Cons

If interviewing for an Associate or above position, reviews by Analysts are not relevant because it's a very different world for the two groups of people.
Promotions for analysts are no-brainers, they are always promoted within the analyst role (3 titles).

Pre-2007 that used to be the case for Associates and Managers as well.
But due to the recent realization that Cornerstone has too many middle management layers, recently promotions for Associates have almost been at a standstill. A lot of Associates who joined in 2007 and 2008 have left (almost entire classes) due to dissatisfaction about the critical, negative performance review cycles that are specifically geared towards giving reasons to deny promotions.
At higher levels, there has been a mini-exodus in managers, senior managers, and Principals who have been either asked to leave suddenly (sometimes even after a recent promotion), have been demoted or have exited on their own.
Management needs to be more transparent about the changing criteria for promotions, the new "up or out" policies they are stealthily introducing, and also to be upfront when there is not a good fit in the early stages. Because of the niche industry, the higher you go, you get more specialized, and those who have been asked to leave after 8-9 years have had a hard time finding good opportunities.
Management consulting firms that have "up or out" policies are upfront both about the policy and about promoting exit opportunities to those who have to avail of it. But Cornerstone's management is very opaque about their plans and the change in upward mobility (or lack of it) opportunities.
I see the firm recruiting new associates with the same rhetoric about promotions but the reality has changed significantly in the last several years since I joined.

Advice to Senior Management

More transparency. Introduce a title "Senior Associate" so that the first promotion is near-automatic and weeds out only those who are a really bad fit. This allows associates to develop self-confidence and provides positive reinforcement for growth.
Also provide better and earlier feedback for those who are not a good fit.
Do not hush up the fact of senior folks leaving or being asked to leave. This is very demoralizing for the managers who worked with them. It's also confusing for new associates since they're not sure what actions lead to such negative consequences.