PE is the largest arch firm in NYC but there is a lot of chaos there because of mergers and management grubmlings.

P+W is pretty solid.

PE: maybe chaotic, but merging (taking over) EEK has added to the backlog.
P+W: not solid - waiting for a shoe to drop...incredibly corporate and major owner is a conglomerate in the middle east that provides "design" projects that helps tide them over.

Thanks for the responses.. Backlog is great for now but not necessarily a reassuring long term strategy, though I suppose everyone's just trying to ride the next couple of years out somehow. Maybe it's a luxury to be asking this question right now, but are they halfway pleasant places to work?

Both are pleasant enough, standard big firm perks & pay, if you're willing to swallow that
1. 20% of the people there are doing 80% of the work (fairly typical)
2. you absolutely need to find the right principal to butter up
3. watch your back, corporate life tends to produce outwardly friendly colleagues, who are often so over getting out that they're willing to play the game.
4. if you ever overhear management discussing "staff" assignments, you will be hard pressed not to flinch (suggest you don't).