Let’s start with the good news: Billing rates are up across the board, according to a survey of 104 PR agencies by the consulting firm StevensGouldPincus.
Here’s the breakdown:
• $513 per hour is the average billing rate for CEOs of agencies with more than $25 million in revenue, up from $509 the previous year;
• $291 per hour is the average billing rate among smaller agencies, a boost from $286 in 2009;
• $261 per hour is the average billing rate among agency vice presidents, up from $241 the previous year.
The study said that Washington, D.C.-based agencies notched the highest rates, with $306 for smaller agencies and $356 among senior vice presidents. Overall, agencies that specialize in sports and entertainment, investor relations, and public affairs had the highest rates, the study found.