Boutique firm means you are doing above and beyond the norm without appropriate recognition.
No clarity on career trajectory. Performance reviews are tools used by management to assert some control on your growth in title and salary (would also put this down to poor expectation management).
Surprisingly high staff churn rate for a boutique firm. All ex-employees (who have left on good or not so good terms) were classified as "not good enough" or "didn't make the cut".
Profit focus environment at the detriment of culture.
