Avantages
Great people. Small teams. Somewhat relaxed environment (for a consulting firm). No hierarchy or politics. None of the politics and extracurricular activities that can be found in other consulting firms. No focus put on title/level within the firm and titles are not discussed internally or externally with clients. Everyone gets respect no matter what level you are at. Common to work on a 2-3 person team, with Managing Directors and Associates working together side by side. Basically, you show up, do your job and the company leaves you alone and you can have a really good work/life balance.
Inconvénients
Little training or support for junior staff. No formal processes / templates / methodologies for projects or internal matters. Supposed to be getting better though.