Pros

The name of the company and what others think when you leave to go elsewhere is great.
You get to sometimes (though that is now changing) work for big companies and that is great on your resume
You get to know and network with some famous people
The training thats available is great if you actually have the time to do it
The knowledge centers and databases actually can enrich you if you download and store enough for future

Cons

Management in this particular sector , Advisory is a extremely poor (save 1 or 2 partners)
Most of the partners dont know what advisory services means and when you speak to them you can see the lack of depth. Clients are noticing this day by day and they are losing clients
Politics - Crazy housewife politics between the partner group.
Business is run like a sole proprietorship - If they find they are not able to sell at global rates they make everyone work 45 to 55 hours weeks to compensate - 45 hours weeks has been constant now when the employment contact is actually for a 40 hour week.

Advice to Senior Management

Change most of management, Run the business like a business and not like a boys club, Instead of saying that you care for people let your actions show it. For most of the partners - Its time you retire as you are old at the game and you are not ready to reinvent yourselves.