Pros
Relatively good salary for a paralegal, and good bonus structure that correlates to good performance. A lot of responsibility is provided, and you get a lot of hands-on experience with clients, experts, counsel etc which is very beneficial. The firm is generally friendly, and there is a big pool of paralegals so there is a good social culture/support system in place for paralegals.
Cons
Your overall experience at the firm is largely determined by who you work for - quality of management between partners can vary a lot, and you feel as if you can't speak up about poor management if in a junior position. Some partners are very invested in their paralegal's experience, and some are indifferent/see them as a means to an end. Due to the lack of career progression, there is a high turnover of paralegals which impacts the sense of culture within the firm as there is a loss of a lot of great talent and you do not necessarily feel valued. Firm seems to be very rigid in applying 3/2 working split for paralegals and junior staff, but a completely different set of rules seems to apply for partners and senior management.