Yes and no. Yes, consultancy went through a bad patch and all the firms, big and small, took a beating on the billability during that period. No, not all the consultancies shed their people with such disdain as did BAH. McKinsey became famous for holding on for as long as they could, sending their consultanst to do pro bono work with existing clients, potential new ones and most importantly with charities and public sector. Bain let go of some but not till much later in the phase. It wasn't just what BAH doid but the way in which it was done. Even during the shedding the partners kept telling the staff, and I can only speak for London, that things were OK.
The thing about BAH is that none of the people who were shown the door ever felt they wanted to return. Sure, when things are going well, any consultancy is a good place to work especially at those salaries. Its when the shit hits the fan that the true face emerges.