Advice to law firm management: You should look elsewhere if you need to earn top dollar. But you will make good networking contacts here and you'll learn a lot, which will help your career down the road.
Pros: You won't ever lack for something to do. There is plenty for a new associate to do here including briefs, case law, and court appearances. Many associates crave this kind of solid experience of the day to day practice of law.
Cons: Some attorneys won't enjoy having to work so much for a rate of pay that isn't among the most competitive. They will see their colleagues making more at other firms, and wonder why they are still working here.