How do you figure out your consulting rate?

[noodleoo]

Last day today (yay!) but my boss asked if I would consider consulting to help if needed while they transition my work. He told me to come up with a consultant rate. I have no idea how to do this. I was thinking of just doubling my salary rate (figuring they aren't paying benefits, etc, and I'll have to pay all the taxes on the income).

I have no idea what a market rate for an engineering consultant would be. Anyone been there and had to figure this out before?

[Deleted]

What type of an engineer are you and how many years experience do you have?

[hbomdiggity]

I would say at least 2.5 your salary rate.

But I would also make sure it's ok with your new employer.

[liveintheville]

I don't now any engineers in your particular field. But those I do know asked 2-2.5, depending on what their salary was. The environmental chemist I know asked for 2x.

And regarding the askamanger thing, I feel like it might be a regional thing. Seems pretty common around here.

[limey]

I am a engineer that has just moved into the consulting realm.

2x is about right. I'd start higher and then have room to negotiate.

I see lots of people that do both the wage donkey and the consulting thing at the same time, so I wouldn't let that hinder you if you have the energy for both.

[noodleoo]

Hi Guys! Thanks for the advice, I totally forgot about this thread. I am a Chem E with about 10 years experience at this company. I'm glad I asked, I was worried 2x might be too high.

Though my boss mentioned it, I'm doubtful they'll actually follow up on it. And I don't really want to if I can avoid it as I would like to cut ties cleanly. But I wanted to be prepared with a number in case they do ask! I think I'd start with 2.5x, which I think they might balk at anyway which would save me the trouble.