Pros
You learn a lot and are allowed to work autonomously. You are given the opportunity to counsel clients on a daily basis which is not the case in most law firms. You can work at your own pace, and billable hours, although required, do not effect your employment status if below the required amount. Awesome co-workers and all and all a great experience. There are many bad reviews, but I think they are due to personal issues those individuals had with the CEO and also a result of the company having been fairly new at the time. If you are smart and willing to work hard, you can become a seasoned attorney in less than two years.
LF is especially great for legal assistants, because they are not required or asked to do administrative tasks, rather, they are in the trenches with their assigned attorney(s) talking to clients to help resolve their legal issues. After two years, most assistants are able to get positions at large law firms in Silicon Valley.
This is not a traditional law firm, it has a start up environment, which means that you can be casual, joke around, have fun, and make it your own place. Best of all, you are allowed to make mistakes.
Cons
Pay is below industry standard, but it is substituted with education and really learning how to be an attorney and/or assistant. Lack of senior counsel for support. Lack of research resources, you will have to be savvy at google searches to update yourself at the law.