Benefits and drawbacks of Freelancing

Freelancers generally enjoy a greater variety of assignments than in regular employment, and almost always have more freedom to choose their work schedule. The experience also allows the opportunity to build up a portfolio of work and cultivate a network of clients in hopes of obtaining a permanent position.
Sometimes a freelancer will work with one or more other freelancers and/or vendors to form a "virtual agency" to serve a particular client's needs for short-term and permanent project work. This versatile agency model can help a freelancer land jobs which require targeted, specific experience and skills outside the scope of one individual. As the clients change, so too may the players chosen for a virtual agency's talent base.
A major drawback is the uncertainty of work — and thus income — and lack of company benefits such as health insurance or retirement pay. However, many freelancers, journalists specifically, have found security in a new option. Many periodicals and newspapers have recently offered the option of ghost signing. Ghost signing occurs when a freelance writer signs with an editor, but their name is not listed on the byline of their article(s). This allows the writer to receive benefits, while still being classified as a freelancer, and independent of any set organization.
Another drawback is that freelancers often must handle contracts, legal issues, accounting, marketing, and other business functions by themselves. If they do choose to pay for professional services, they can sometimes turn into significant out-of-pocket expenses. Working hours can extend beyond the standard working day and working week.(Source: http://en.wikipedia.org/wiki/Freelancer)