Pros
Large stable company with locations all over the world Interesting work vital to defense and civil applications Opportunity to move to other business units/locations Decent benefits Decent initial salary at all levels (junior, mid level, senior) Management pays attention to what's going on, but doesn't get in the way of doing your job
Cons
Working for a good manager is hit or miss - there are a few good, some bad, most mediocre. You have to learn to manage your manager. I only saw one who was really horrible, Lots of status reports, yet seem to be surprised when bad news happens. LM has an affinity for discarding senior engineers. Poor raises every year - zero to 2% Benefits keep eroding away - no more pension, vacation accrual cuts, insurance rates keep getting more and more expensive