Pros
It's a job. Good for entry level, as you will get experience.
Cons
Little to no upward mobility. The structure for in-house counsel is such that they have low grade attorneys working the majority of small value cases. So as you get experience, unless someone quits or dies, you don't get promoted up the pay scale. Pay is a joke compared to outside counsel, and there are no incentives...so it's all stick and no carrot. You can save the company thousands and millions, but you'll never directly benefit from it. There is no reward system because you are not generating profit...you are overhead. You will work as many hours as you can possibly stand in order to keep up with the required reporting and deadlines. Adjusters will be emailing you on the weekends and at midnight, as they are just as overworked. Your billable requirements are similar to outside counsel, and you will never have time to take a vacation.