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You charge eight if you work eight and you charge 12 if you work 12. Let the chips fall where they may and let your manager and partner deal with it.
If you think you are significantly going to exceed the budget that you’ve been told give your senior or manager a heads up as you approach that limit.
If you worked 8 hours and you report 10 hours then it’s against policy. Similarly, your manager shouldn’t force/coax you to underreport time. As you’ll learn, you do get punished for being efficient. You just need to learn how to use it in your advantage.
Just make sure its reasonable
Charge 8. You could have 2+ hours of corrections in the pipeline.
Make sure the time you charge is reasonable, if you think you work too fast, slow down a bit to review.
Unfortunately the industry measures your billable hours heavily. You will be analyzed on if you worked enough billable hours, so if you are efficient, that means you pick up another project to meet your targeted billable hours for the week/year. On the flip side, if you are efficient and provide good quality work, your supervisors will notice and provide positive feedback on your annual review. Your review rating typically impacts your annual bonus. It's a delicate balance and you'll figure it out as you go.
You do get punished for under billing.
You don’t get punished for being efficient but if your overall hours are less than the target utilization that can impact your comp. But this is all tracked and if you have availability you’ll get new work quickly.
If you work 8 and charge 10, then the firm makes the client pay for 10, it is illegal and borderline fraud.
Use the extra time for self review.
Time card fraud is criminal and there are laws about it. Feel free to do however you see fit with this information.