Pros
LM was a great company to start one's career at (back in the day): there were training programs, tuition assistance, leadership development, and a huge network and ways to grow yourself and a career. Work/life balance was one thing I have been very happy about while here.
Cons
Defense and Space industry dynamics (current administration, state of government, who was primary customer of a lot of the products) has resulted in a huge market downturn that although LM is trying to stay the main leader in the sector (and so far, is the leader), the future is grim because customers (military, government, commercial) just don't have as many projects (nor can they afford it) as before. So companies like LM have really had to adapt (read: shrink, consolidate, and make cuts) which have affected employee morale (negatively). The removal of pension accrual after 2016 and 2020 and cuts to retiree medical benefit, plus the overly cumbersome Performance Review system (designed to keep post-layoff liability to a minimum perhaps), plus the non-competitive wages for the AREA (not the defense industry sector, but the geographic area) has driven many younger and mid-career employees' attrition, while late-career employees either have to try to 'hang on' until retirement is feasible or at maximum benefit (the most pension you can get at that point, since it won't increase any more with more years of service). Facilities are closing (and will continue to close) in the coming few years, which will translate to more headcount reduction. But it's really the lack of the country's space projects (in last 10 years) that have made this company less attractive to many. For prospective job seekers: something I did not expect working here was the negative reputation this company is associated with the peaceniks. (Although I think misinformed), weapons protesters are not uncommon and I've had friends drop association with me for the connection (even though I worked on Space projects.)