Prós
One of the most attractive things about Lockheed Martin is the technology that employees are exposed to. As a premier systems integrator, Lockheed has a long-standing reputation for solving large, complex problems, something most engineers salivate over. Lockheed focuses on promoting an inclusive, diverse work environment, a perk not often cited, but one that I've come to really appreciate. The benefits are fairly standard, if not above average and the size of Lockheed allows for some of the best employee discount offerings around. Arguably the best benefit, outside of interesting work, is the flexible schedule that Lockheed offers. Employees have the ability to work their own schedule based on both personal (doctor's appointment, sick kids, etc.) and professional needs (deadline to meet, unexpected proposal to write) as long as they meet 40 hours for the week. For me, that usually means front loading hours during the beginning and middle of the week and cutting out a few hours early on Friday.
Contras
While compensation at Lockheed is fair, other smaller firms may offer more competitive salaries. Also, compensation is very much tied to tenure. While Lockheed is working to focus more on pay for performance, there is still a heavy positive correlation between years in the chair and salary regardless of abilities. As a large systems integrator focusing on systems engineering, work at Lockheed can sometimes get bogged down by processes and documentation.