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I've seen consultants who quite obviously were not 'qualified' in what was required. I've seen firms employ them, who weren't prepared to pay for one who could do it, or pay one who could do it what they needed to do it.
It's a game, buy a consultant's time and you try and wring as much value as you can out of them, as a consultant, you try not to be wrung totally out of any profit.
Having been on both sides of the fence I try to be as reasonable as I can without taking the urine.

Is bid low, charge high, a consultants fault? I worked at one place that effectively enthroned this manouevre by always taking the cheapest quote. They didn't even let one of us technical types sanity check it against the requirement.
Vampire groupies, they were. They never got what they wanted and it always cost more than they planned. Never saw them learn that lesson.

Vampires provide a valued service in the market place....