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Pros- 1. Work Life Balance (no working weekends/16 hour work days).
2. Benefits like health insurance, fixed holidays which you can take guilt free.
3. Less probability of the office being Toxic. Although this largely depends on your manger, it is likely that the level of toxicity in an in house team will be less than a law firm team.
Cons- 1. Less Pay - Unlike in Tier I law firms, the pay does not increase exponentially. Hence, for improvement in salary, you may have to switch frequently.
2. Not being seen as a "real lawyer"- This is a softer issue and not always true. But some practicing lawyers think that in-house lawyers aren't "real lawyers" and hence look down upon you.