IT Contracting:-- Pros -
1)Possibility of making much more money than salary paid by bigger firms.
2)Greater freedom in choosing type of assignment and offers.
3)Possibility of having more freetime when not with any client or possibility of getting involved with another business etc since there is less legal bindings.
1)No sense of belonging to any bigger group and thereby no growth interms of designations/ responsibilities like Partner or VP etc.
2)Difficulty in finding assignments during lean periods.In big firms there are sales and account teams focused on getting people placed with clients.
3)Also no free training on skills both technical as well as managerial.So skill upgradation or acquiring new skills is on self (can be expensive at times since firms sponsor expensive trainings for employees on payroll)
4)Much easier to find international assignments and travel when associated with biggers consulting firms.