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It is a common feeling amongst researchers that they undercharge significantly for consultancy work. By thinking thoroughly about all of your plus factors, you will likely be able to quote the right fee and not undersell yourself. This may still be a lower rate than private sector consulting firms, for the reasons described previously. Working through your institution will help to distance you from the face-to-face discussions about money, contracts and intellectual property leaving you free to keep cordial relations with your client and to focus on the challenges of the assignment. Your institution's authorised office will be able to advise you on fee levels and structures and will have guideline day rates. Remember that there will be other costs associated with your fee, such as insurances, travel and any accommodation, communication costs e.g. use of internet, telephone, disbursements (stationery, photocopying) and perhaps value added tax (VAT). You must check your professional indemnity insurance and your business use travel insurance. If you are making use of your institution's facilities, you must include the full cost of these in your quote and arrange in advance to settle these costs through the relevant accounting arrangements. If you are carrying out a management consultancy assignment (e.g. advising on a management structure) then these costs will probably be low, but if you are, say, restoring a historical tapestry, the costs might also include use of your institution's scientific equipment and materials. Thus your fee may well represent only half of the charge that will be made to the client and you must make it clear to your potential client when quoting for the work what your likely total costs will comprise i.e. fees plus all associated costs. Some companies will pay you an annual retainer but be careful to see if there are any undue obligations upon you or competitive restrictions. Research institutions normally limit the amount of time that its employees can carry out consultancy work as individuals. A limit of twenty per cent is common i.e. a day a week on average, often up to a maximum number of days a year, usually about thirty. Not all researchers can undertake consultancy work – so check with your supervisor and your employment contract. Some institutions have established successful wholly-owned firms for the marketing and management of institution-wide consulting. The staff are experienced contract specialists, negotiators, marketers and project managers. Apart from securing and assisting in the management of 9 Benefits Section 2