Pros
Relatively decent pay (Make sure you get your money up front, don't rely on promises of bonuses). It's a huge organization so opportunities to move "laterally" somewhere else are available (if you have a connection)
Cons
Similar to what others have stated, promotions are far and few between. LM is a very top heavy organization. Most Senior Management/Directors and VP's have been with the company for 10 - 15 years at least. They tend to stick with a core group of people to form their "inner circle". Most senior managers and VP's don't leave the company for a while so these positions don't come around often. When they do, it seems that those that are "in line" for the promotions get them because they are in the "inner circle" and not necessarily based on merit and potential. If you are willing to stay for at least 10 years and align yourself to a Director or VP, then you have a shot. It's about "WHO" you know, which is probably par for the course for a company of this size. Benefits are below standard at best.
