Packet slicing can be configured while capturing due to the following restrictions
It can also be retroactively performed for example by using tools like editcap or from within PacketSafari using edit PCAP.
The consequence of a sliced trace file is that you won't be able to see all the payload of the PCAP.
In most cases you will still be able to perform a basic analysis on layers 2 (Ethernet), 3 (IPv4/IPv6/ARP/DHCP/STP) and 4 (TCP/UDP/ICMP) if your packet slicing is between 64 (if you get lucky) and 128. Usually, it is not enough to capture all layer 7 information and with some protocols that have large headers. Even 512 bytes might not be enough information to be able to analyze packets.
You can use editcap (comes with Wireshark to do packet slicing) to retroactively slice an already existing PCAP.
editcap -s 128 originalfile.pcapng slicedfile.pcapng