I hear this old line trotted out again and again - "why are we paying so much for fresh-faced graduates with no experience" - implying that the graduates are working without direction and supervision.
In most consulting engagements, the real value-add comes from the more senior consultants who have a lot of real-world experience under their belt. But you still need someone to do all the lower value work, hence the graduates.
I once had a client who insisted only on using senior people. He received a huge invoice, but he didnt want to yield to our idea that a £4k-a-day consultant's time is not best utilised preparing powerpoint slides.
Oh well, you know what they say about knowing the price of everything and the value of nothing...