What is Day Rate?
A fixed price charged per day of work, commonly used by consultants and contractors on project-based engagements.
What Is a Day Rate?
A day rate (also called a daily rate) is a fixed fee charged for a full day of work, typically 7-8 hours. It's the standard billing unit for consultants, contractors, and interim managers who work on-site or on time-boxed projects.
Day Rate vs Hourly Rate
Day rates offer several advantages over hourly billing:
A typical conversion: Day Rate = Hourly Rate × 7.5 to 8 hours
How to Set Your Day Rate
Start with your hourly rate and multiply by your working day length. Many consultants add a 10-20% premium to the hourly equivalent to reflect the commitment and simplicity of day-rate billing.
Example: $80/hour × 8 hours = $640 base day rate. With a 15% premium = $736/day.
Day Rate Norms by Industry
Day rates vary significantly by sector. Senior technology consultants in the UK typically command £500-900/day. In the US, independent management consultants often charge $800-2,000/day. Always research market rates in your specific niche.
Related Calculators
Day Rate Calculator
Convert your freelance hourly rate to a day rate, or calculate the optimal day rate for consulting and contracting engagements.
Hourly Rate Calculator
Calculate your optimal freelance hourly rate based on your income goal, billable hours, overhead costs, and desired profit margin.
Retainer Rate Calculator
Calculate a fair monthly retainer rate with an appropriate discount for guaranteed recurring work.
Related Terms
Related Comparisons
Invoicing, Tax & Tools
Bill clients, track time, and file taxes — software built for the self-employed