Renumeration is poor if you have two or months unchargeable to clients - often through no fault of yours. This creates a culture where people take little time off just in case they are not chargeable later in the year.
Expenses are much tighter than they were - you feel less trusted as an employee although actual expenses incurred similar.
Little to no ongoing training - you are expected to be the "finished article"
No opportunity to be a part owner of the company.