Is it ok for a company to bill their client $175/hr but pays their PM $50/hr? I understand there are benefits and office expenses included in the $175, but the PM does not have any benefits and only 401k.

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Yes. It’s their client. This is why many gain the experience and build customer relationships in accounts… then become an independent contractor… and charge $150/hour to those clients a year later.

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I think it's possible. $50 an hour is to the employee but as a company, there are also all sorts of overhead. To my industry, it seems a tiny bit low but it could vary for other industries.

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At my old job, my billable client rate was $175 but I was making 80K with 1900 billable hours as my goal. Company gets to set its own rules and decide it it's ok or not. At the end of the day, the less they pay the PM, the better for them!

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