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Cons.
1. You need to be sure which team they're putting you on, a few of my friends are in corp banking and the work is tedious and uninspiring, for those of us in litigation it's even worse cause crappy work + often we have to go for visits to remote places and deal with all sorts of people.
2. Pay is not gonna be good, unless you're working with the behemoth that pays 12LPA (ykwho). The rest of us started at slightly better than what an Infosys trainee engineer gets.
Pros.
1. Work life balance and n number of holidays as people call it quit by 8PM at all costs, and usually by 6 so there's a lot more time to do other stuff if you want to.
2. More WLB allows you to venture for other things, or follow your passion if making money isn't your sole ambition in life.
I do know of a couple of people who find the work to be of good quality and are very satisfied with the job: less taxing than a firm (though it still won't be a normal 9-5), decent pay, much stronger HR policies. And you can switch to a firm after a couple of years without your experience being discounted. I do know of a couple of partners at Tier-1 firms who started their careers with ICICI, stayed there and then transitioned to firms as an A3 and SA1 respectively.
Conversely, there are people who report that the work is mainly administrative and clerical, but they didn't stay on beyond a few months and were located in non-Mumbai offices. Starting out in any job, your work is mainly clerical. Even T1 firms will only make your fill out DDRs. At least w in-house roles, you outsource all of that.