Pros
There has been a lot of high level change over the past year. While it will take time for that change to grab hold on a large scale, you can already see the benefits. Certain members of the executive team are willing to listen more than in the past. There are growth opportunities in more departments and offices than in the past. Hours and work-life balance are becoming more flexible in many locations - and not only for those at the top.
Cons
Too many mergers. There's not enough time to settle in between, or attention paid to legacy employees who continue to put in long hours and lots of effort. There is an unspoken but very clear message that incoming mergers are better and more important than those who have given their career to the firm. There is also an unwillingness to help change the culture from many offices. It's the majority of the employees contributing to the culture problem - not the executive team.