Charging $400/hour does not mean he does not need extra money. His nature of business is a short term projects, it's not like a regular web developer who has to work 40 hours a week for many month to finish a project, he only does audits which don't last long because of that you see this "high" (I personally don't think it's high) hourly rate.
It's actually a good strategy to price high hourly but over-deliver (doing lots of free work behind the scenes, or speculative unpaid work, etc.) -- rather than the market-clearing rate of ~100-150/hr, at least when you're trying to build a brand. At $400, he's clearly a specialist, and will get more interesting work; at $100/hr, you could hire him and just treat him like another developer, have him do cookie-cutter assessments, etc.
Personally, I think he'd make more money at $400-600/hr if he could also get some kind of manager to handle the interactions with clients; it doesn't seem to be what he enjoys, or is particularly good at.
(I've had drinks with him before, so probably the most effective way to accomplish my goal is to buy him drinks when I'm in town.)
Personally, I think he'd make more money at $400-600/hr if he could also get some kind of manager to handle the interactions with clients; it doesn't seem to be what he enjoys, or is particularly good at.
Completely agree. I'm not doing security, but my hourly is similar, and it was a game changer for me to have someone in a manager-like role working with me. Client relations are a huge time suck, but are also absolutely necessary. If he can find someone (or maybe someone on HN should volunteer), it'd be more than worth it.
BTW My manager takes a flat 15%. I'm much happier, clients are way happier, and my total income has increased as a result—not to mention another person is gainfully employed at something they're good at and enjoy. A win-win all the way around.
I meant manager in the sense of a band's manager. It's more than just introducing you to deals; it's handling the communications back and forth with the client on an ongoing basis; not merely the negotiation to set up the deal but the actual work-product communications as well.
