You might be able to convince your editors at Conde Nast to pay you by the hours instead of the word, but knowing your hourly rate is helpful if you're doing other freelance work, like for online work or freelance editing. L.L. Star at Writers Weekly has tips on how to make the most out of your time. If you are starting out at a lower rate, make sure to track your time, because if you're only charging $10 an hour for your first freelance editing gig, you can charge $11 next time.