Pros
Had to have 8 billable hours in every day, employees that were there for a while, could usually get this done in like 6 hours, which made for an easy day.
Cons
As a junior level developer i still had to have 8 billable hours in, since I was a junior this sometimes took me 9-10 hours and i had to stay late. You constantly felt the pressure from management.
Poor project manager. Project manager would give poor estimates to clients, developers would take the heat, when a feature took longer than the estimate.
Company was too focused on billable hours to care about the product.