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As a Strategist your career is tied very closely to how you work with others and provide value. You don't want to be seen as a transactional entity, but rather a crucial part of the entire team. You'll go nowhere as a Freelance strat and will be seen as an outside consultant.
Ok I'll go first - freelance pros - way more $; more diversity in projects (not tied to agency brands); develop wider network; more interesting work more often. Cons - isolating; opportunity cost of not working the agency life & having access to structured professional development. F/t: more range in projects (you don't really work on the nitty gritty as a freelancer, which I think limits your skill development); seeing a brand through from A to Z; access to mentors; structured company development; having humans around to hear your dumb jokes
Damn, Saatchi, that's EXACTLY how I felt the 3 months I had to once work with a freelance strategist. Spot on! I felt like I knew more about the strategy and had to constantly remind them of the account, brand, and audience background. They were so distracted and also told me several times how my stuff is not the only thing they have to work on...Wtf
Don't confuse freelance more $$ with "way more" $$ - you have no paid benefits such as med insurance and vacation, national holidays and many more!