Pros
Small firm that enables you to take ownership over a lot.
Cons
Staff is generally not familiar with workflow and best processes that you find at larger firms, and much of the staff has not come up through large firm environments so it can be a little make shift at times.
In short, this can leave the production staff to lean in less and provide proper well drawn-out documentation that will help elevate project design and execution, which entail leads to better work and the bringing in of new and better/diverse business.