When you bill your time out you had better maintain a good level of productivity. 40 billable hours can be a very long week.
A good general rule when going independent. Take you annual salary in k$ make, it your hourly rate in $. Firing you former PHB is just a bonus.
And go to the Microchip conference every year.
Gosh. I always forget that horrible part of being employed white-collar in a company. Meetings ... when empowered lops have a captured audience while they "soar on the updraft of their own rhetoric." Meanwhile, you're sitting there thinking of all the deadlines you've got to meet and all the little tasks you could have completed while this guy was prattling on about "corporate culture."