StevensGouldPincus, the merger and management consulting firm targeting the PR industry, has conducted another benchmark study, finding that billing rates are up, but productivity is not.
The average rate for a CEO is $513 per hour at agencies with revenues at $25 million or more; $291 for those as smaller agencies. VPs average $261 with those in Washington D.C. charging $306 per hour. Sports and entertainment, IR, and public affairs are the areas on the high end of rates.
However, SVPs are only billing about 63 percent of a theoretical 1,700 possible hours and some account managers are billing only 70 percent of their hours.
One hundred and four PR agencies from across the country responded to the poll. Is this the case at your firm?