Pros
Great place to learn executive search. Very thorough process that teaches you how to execute and do best in class executive search work. Collaborative culture with your peer group. No in fighting since it's not a commission structure. Work with top companies in F500 and VC/PE world. Access to C-suite executives.
Cons
The two owners are challenging people to work for. They have a nasty way about them. Edgy, sometimes mean, mercurial. One owner doesn't do any work but grills you if you don't have candidates for his searches. If you're willing to put up with their nonsense, it's fine. Compensation will never align to market rate. Bonuses tend to be based on company profitability and target budgets (which are pulled out of thin air by ownership), even if you have a great year compared to others in firm or other offices.