Pros
The deal teams are truly lean, which provides immense learning opportunities for junior professionals. Nobody at the firm is a "spreadsheet monkey', and senior management is extremely accessible. The firm is also open to unconventional mandates that - at least during my time - put bankers closer to clients' operations and fostered a sense of ownership over the work. The firm has also done a good job of hiring people that work well together.
Cons
Being a small firm comes with its own set of challenges. Each deal is more important and staff departures can have a material effect on business. Both of these things make any quarter at Berenson highly unpredictable. This also means the firm is in a continual process of reinvention, which can add another layer of stress on the already strained pace of investment banking. While this volatility creates opportunities, employees need discipline to endure the highs and lows.