Daily fees for a consultant

Daily fees for a  consultant — I was at my entrepreneurs’ group meeting recently, when another consultant mentioned that they typically bill $1500 to $2000 per day. Someone else piped up and said they’d just hired a consultant for much more than that. Several people turned to me and asked if those were typical daily fees for a consultant.

Well, it depends. A freelance poetry editor probably doesn’t make as much as a financial services industry wealth management consultant. Rates vary from industry to industry and by market to market. And some people need to bill for preparation they do in advance of being hired by the day, whereas others start the meter much earlier. Still, I go over some strategies for setting your rates in my Consulting Fees Guide, if you’re looking for specific ways to set daily fees for a consultant.

M M Davis says:

Does anyone have a rule of thumb regarding how to split fees when several consultants are involved in the sales process?

I have heard this:
Lead generation: 10%
Sale: 15%
Intellectual property: 25%
Actual work done: 50%

Anyone else know anything else?