Every consultancy I've ever worked at started threatening to fire me whenever I dipped under 95% billable time for more than... a day.
When we have interesting RFPs from consulting clients, then we pull people away from the bench.
It's a great way to retain people, have flexibility in the projects we take, and have significant depth and breadth for a small firm.
[1] we also very heavily draw from a pool of highly trusted subcontractors, many of whom are former employees. Because of our experiences with them, we go to them first and they all give us first crack at their availability.