Pros
In general, there's so much turnover, that "new blood" is constantly being injected. Which can be a good thing, but is causing client interruptions and service issues. Although the management would like to believe there is a "family atmosphere", these are just words and when it comes down to brass tacks, your opinions are not respected like family and you are not supported like family.
Cons
Real downsides to a culture going through massive change without a leader who knows how to institute change. Management spends lots of time planning changes that cannot be implemented, because there are so many levels who all must approve/buy-in. Account Executives who have long-tenure (and who don't buy-in to changes) are left to do their own thing - and others are told to look the other way. This causes misunderstandings and undermines authority.