For tech consulting, there was a lot of layoff unless a services contract committed contractual spend. Keep in mind, staff augmentation / time & materials is a

For tech consulting, there was a lot of layoff unless a services contract committed contractual spend. Keep in mind, staff augmentation / time & materials is a very common contractual model - which has no committed spend. Also, another point I didn't mention above is Marketing Agencies and Lawyers. These business are fundamentally "consulting". The massive difference is that (a) these industries found ways that allowed them to capture more revenue than just billing time, e.g. lawyers can get a % of a cash settlement case, or marketing agencies can get a % of ad spend from a company, and (b) they found ways to help with the cash flow float by creating "retainer" vehicles.