Consultancy fee rates

I read with interest an article in the press in the week – it related to the £7bn that the Government spends each year on consultants and external advisers (excluding those on IT projects which is estimated at a further £4.5bn pa).

It showed the typical rates charged:

£1,750 Managing consultant
£1,445 Principal consultant
£1,225 Senior consultant
£1,000 Consultant
£700 Junior consultant

It also suggested that 70% of consultant projects do not deliver any results! Luckily the Government has a Consultancy Value Programme in place to try to improve the situation. That’s all right then.

Whilst wondering how I can position myself as a managing, principal or even senior consultant it occurred to me that many lawyers have charge out rates of £500 an hour – which equates to £4,000 a day. Maybe I will consider retraining after all…