Pros
People around generally are very collegial, although the culture has morphed in recent years with the addition of a few younger associates that are adept at managing upwards but disdainful to support staff, only deigning to talk to you when they need your help. Nonetheless, if you like to work with smart people, this is a great place to learn. If you like a stable job with no growth but perpetually good healthcare benefits, this is the firm for you.
Cons
It is very old school, and management/culture has not been effectual in improving career development of employees at all. There is a stigma associated with entering the firm at a junior level, and how you progress tends to be determined by which program you came in, not by aptitude. Internal candidates that have been earmarked for promotion tend to wait around for years while the firm goes out on a limb for outsiders. They have enacted some superficial steps for improvement, but an ingrained culture that is against promoting from within is hard to change. This is relevant only to the investment group. The firm is generally more helpful in career development if you are in any other departments.