Pros
The work flow is steady - there are plenty of restructurings and bankruptcy proceedings going on. You can work steadily away and have a secure, comfortable, albeit not ultimately lucrative or sexy career.
Cons
This is an accounting culture through and through. There's a lot of hierarchy and work processes that don't make sense, but exist just because that's the way it's always been done. You are working alongside a lot of lawyers and other bill-by-the-hour-types, so the incentive is generally to bill a lot of hours. The infrastructure here absolutely sucks - we did our own hourly billing review every month in excel. Pretty pathetic there wasn't centralized software. Conflict checks for cases are an absolute nightmare. A lot of the senior people harbor insecurity issues - they fancy themselves and bankers, but they're not really financing anything, they're just keeping tabs on other people's money. The senior people try to come up with novel analyses or ways of thinking about things, but it's all just BS - the work is boring and straightforward and non-scalable (ie - it's still hourly billing). You exit ops will be nil - this is not a gateway to other jobs in finance the way a job at a real bank or fund manager is.