Going Client Side: consultant vs employee what to charge?

Hi, I currently have a loose job offer to project manage a 25mil$ construction project client side. I have been doing contract work for them at 75$/hr. Most of the professionals bill at 120$+/hr. I have had professional advice suggesting that I could be billing at 100$/hr with my experience. Now, the client wants to hire me full time for a period of 3 years to manage the project because he is too busy and he is frustrated with his architect, who is not doing a lot of the management that they should be doing. The architect will be fired, and I will be responsible for finding/hiring a new one and then managing the project to completion. My background is in architecture. I currently work at an architecture firm and occasionally take on my own clients for small projects. This would be my first time working client side. The client is very confident that they want to work with me and keep asking about it, although we have yet to nail anything down. The client has an intense personality, however, they have proven to be honest. My question is, if I go full time with them, should I be lowering my hourly rate? Full time at 75$/hr is around 140K a year. Project managers in my area (Montreal, Canada) usually make around 80k-90k a year. However, I would basically be a consultant on a full time contract taking on some level of risk and the work will end after 3 years. I think that there should be a cost premium to that. What are your thoughts? thanks so much!

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