Pros
I've been working here for two years and it's really restored my faith in the agency business model (I worked at 2 previous agencies before this). The business structure is lean and adaptable, which allows the org to move quickly and make strategic bets. There are more freelancers than FTE which sets a high bar amongst FTE on strategic alignment, documentation, and modeling the behavior we want to see. It eliminates the politics and instead requires the org to be clearer and more intentional in how it functions in order to be able to onboard new folks and create a welcoming and productive work environment. Long FTE employee and client retention (3+ years) serves as good evidence that the model is working.
Cons
The downside of a lean team is that there's not much slack in the system. There are often more priorities than capacity for our FTEs to tackle, so it can be challenging to deprioritize or delay good ideas. Also, with the hybrid freelance/FTE model, it concentrates the ultimate accountability into a small group, which can be stressful at times. It's definitely an always-on work environment (such is life in client services).