What I see currently going on (specifically talking about McKinsey) is that many projects are slowing down and travel is reduced to the absolute bare minimum possible (also clients don't necessarily want personal meetings with consultants at the moment..).
At the same time, some (few) projects even increase working remotely, but the total trend in this phase of high uncertainty is definitely pointing downwards.
Since recruiting activities are driven by project, for sure there will be an impact but for now we are all driving with very limited visibility.
Will they stop recruiting at all? For now I don't think so, but it depends on some facts that nobody can yet foresee!
Will the bar raise (because of potentially lower client demand and high supply on HR market)? Yes, I think so.
Hope that helps - if so, please give it a thumbs-up with the green upvote button below!