Pros: alot of responsibility; ability to seek out work and clients you want
Cons: manager rarely present, no involvement in day to day work/problems, low pay and long hours, no advancement; high responsibility;no decision making authority
May be a good place for young engineers, but most driven people will likely not stay more than 3 to 4 years, given the long hours expected to work with little or no compensation for it, and no raises/promotions. This was my experience. I was promised bonuses would make up for the low salary I originally agreed to, and that there was opportunity for advancement. After 4 years of working there, with workweeks typically averaging 50 to 60 hours per week, these rewards did not materialize.
I saw lack of or no management in the office I worked, with a manager who was rarely in the office, but had large expense account, and little to show for it in the way of projects/revenue brought into the office. There was lack of fairness and transparency in the way of job expectations, job requirements, and metrics used to judge one's performance. No performance evaluations or way to know where you stood or how you were performing, except if you received a bonus or not. Great performers penalized by poor performance of "slackers" in the office. Only expectations were to have profitable projects, but no authority to make decisions to effectively meet these goals (I.e., have budgets for training, adequate software, weed out underachievers or fire/hire people).
Manager had business on the side that took precedence over his job of managing the office. Some employees regularly did work for his side company during regular business hours and with company resources. Toxic job environment where the manager regularly verbally abused employees and I observed employees break down and cry.
I observed manager purchase a few mulitmillion dollars of properties with CASH during the time I was employed. After 4 years of observing all these things I decided I had enough and could do nothing more for the company. Nearly had a nervous breakdown at the end of my employ there.