Pros
Job is stable if you stay in the good books. Work-life balance is decent on most projects. You can coast if you are not looking to grow.
Cons
Promotions are not based on skills or performance. Regional connections and personal loyalty to managers play a bigger role in who gets made TL, manager, or senior manager. Hard workers who don't play politics get overlooked. Many managers lack the technical depth needed to lead their teams effectively, which creates frustration and poor decision-making. There is no transparent appraisal process.