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interim rates

 
#1 interim rates
15/09/2011 20:19

apple

When people talk about a day rate then are hotel and travel expenses included or additional?

There is a rule of thumb that day rates are 1% of the equivalent permanent salary. So if I was on 60K plus 20K benefits then would a rough day rate be 1% of 60K = 600; or 1% of 80K = 800; or 1% of 60K less 20% agency margin = 480?

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#2 RE: interim rates
16/09/2011 08:40

Tony Restell (Top-Consultant.com) to apple (#1)

With regards to your first question, I would suggest this is to be negotiated on a contract by contract basis. Ordinarily I would say that if the contract requires you to work away from home for much of the contract (because the client site will be overseas or a long way from London), then it would be reasonable that expenses properly incurred would be in addition to your day rate. However a consultant from outside London might choose to take an engagement in London, when the client could have opted to take on a London-based contractor instead. In this instance it is less clear-cut that the hotel costs are to be borne by the client, rather than by the consultant who is benefitting from having secured a contract outside of their regular commuting distance. So assume nothing!

With regards to day rates you might secure, I've often heard talk of consultants securing as a freelancer 50% of the day rates they were being (or would be) charged out by a consulting firm if a permanent employee. This would seem to dovetail quite well with the formula you've proposed. As regards recruitment agency fees, you'd need to clarify with each firm you deal with whether the rates they are quoting you are pre- or post- the deduction of their agency commission.

Hope this helps.

Tony Restell

Top-Consultant.com

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#3 RE: interim rates
28/09/2011 20:23

Big Consultant to Tony Restell (Top-Consultant.com) (#2)

With regards to your first question, I would suggest this is to be negotiated on a contract by contract basis. Ordinarily I would say that if the contract requires you to work away from home for much of the contract (because the client site will be overseas or a long way from London), then it would be reasonable that expenses properly incurred would be in addition to your day rate. However a consultant from outside London might choose to take an engagement in London, when the client could have opted to take on a London-based contractor instead. In this instance it is less clear-cut that the hotel costs are to be borne by the client, rather than by the consultant who is benefitting from having secured a contract outside of their regular commuting distance. So assume nothing!

With regards to day rates you might secure, I've often heard talk of consultants securing as a freelancer 50% of the day rates they were being (or would be) charged out by a consulting firm if a permanent employee. This would seem to dovetail quite well with the formula you've proposed. As regards recruitment agency fees, you'd need to clarify with each firm you deal with whether the rates they are quoting you are pre- or post- the deduction of their agency commission.

Hope this helps.

Tony Restell

Top-Consultant.com

Tony, what is the day rate at Full Service, MBB and other strategy firms?

Surely if one is making £80K in a Full Service firm, they will be a Senior/Managing consultant at Full Service and a Junior Engagement manager at MBB. It is very unlikely people with this experience can secure a £800 per day contract rate. Such rates is normally, from what I have seen, for interim senior executives (e.g. department head).

I suspect most Junior Engagement Managers or Managing Consultant will be lucky if they can get £600 per day.

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#4 RE: interim rates
28/09/2011 21:22

apple to Big Consultant (#3)

Maybe it is 800 to the agent and 600 to the consultant?

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#5 RE: interim rates
29/09/2011 12:43

Tony Restell (Top-Consultant.com) to Big Consultant (#3)

I'm not nearly such an expert on contractor opportunities as I am on securing permanent consulting roles I'm afraid, so can't add much to what I've said... other than that I've certainly seen roles coming through on our contractors' corner that have day rates in excess of £600 per day for people at the kind of level you're talking about.

Tony Restell

Top-Consultant.com

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#6 RE: interim rates
29/09/2011 15:58

Big Consultant to Tony Restell (Top-Consultant.com) (#5)

I'm not nearly such an expert on contractor opportunities as I am on securing permanent consulting roles I'm afraid, so can't add much to what I've said... other than that I've certainly seen roles coming through on our contractors' corner that have day rates in excess of £600 per day for people at the kind of level you're talking about.

Tony Restell

Top-Consultant.com

Sorry, Tony.

What I meant about day rate was do you know the consulting day rate MBB, Full Service and Other Strategy charge clients for Junior Engagement managers or Senior/Managing Consultants (i.e those earning in the £70-90K base salary)?

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#7 RE: interim rates
29/09/2011 17:14

Tony Restell (Top-Consultant.com) to Big Consultant (#6)

Ah OK understood. MBB I'd say would be charging £1,500 to £1,900 day rate at these levels. Other reputable strategy firms wouldn't necessarily be charging any less, often their specialism is such that they can charge on a par with (sometimes even more than) MBB firms.

Full service firms I don't have so much visibility of - I would guestimate a 30% discount on MBB rates on average. However in many cases full service firms will be pitching lower than this so as to win the strategic work and therefore get their foot in the door to potentially win lots of other consulting work. So the day rates of someone at these firms might understate how much they could secure if they became a contractor.

Hope this helps.

Tony Restell

Top-Consultant.com

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#8 RE: interim rates
04/10/2011 14:11

Big Consultant to Tony Restell (Top-Consultant.com) (#7)

Thanks, Tony.

Any insight into MBB likely daily charge rates at Analyst, Associate, Engagement Manager, Principal and Partner levels?

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