Pros
Great work life balance: if you need balance to raise a family, this the place for you! Many software jobs are or can be fully or partially remote, and most managers (many of whom are remote) are fine with this. Great flexibility to work weird hours to accommodate a tight schedule. Low pressure: generally speaking, LM business cycles move in months and years instead of days and weeks, so there is usually no pressure to burn the candle to deliver impossible deadlines (though it depends somewhat on your team). Good (not great) benefits: 10 match + contributions to 401k. Meh health insurance. Comp time: if you do have to burn the candle for a project, often your manager can approve comp/flex time at 1.0 base. Stability: LM will still be around in 5 years.
Cons
Low base salary: LM usually beats other government contractors but is usually behind industry by 10 or more for similar qualifications and experience. Low bonus: around 5 percent Low raises: 2-4 percent annually Little advancement opportunity: LM generally prefers to hire outside instead if moving people up inside a department. The exceptions are people who can gently stroke customers and sponsors for more funding or who are in a difficult to fill rec where LM isn't competitive with the market (like cyber and AI). Potentially boring projects High turnover: LM is always getting high talent people poached by other companies. No stock options or RSUs for most employees