Pros
Base Salary and Bonus Structure are competitive and the firm has been recognized as a top 100 company to work for by Fortune and the most innovative law firm in the U.S. by the Financial Times. Senior Management has done an excellent job of channeling the firm to focus on a few practices, such as public finance, energy, and technology companies. The firm has excelled in those areas. The IP litigation and employment litigation practices are also excellent.
Cons
The Bonus Structure is only competitive with Vault 20 law firms if you hit your billable hour requirements. Orrick doesn't give billable hour credit for training or firm contributions hours. Billable hours are not spread evenly among associates but that is likely a similar problem at most law firms. You'll get better benefits such as health insurance or 401k if you go in-house.