Actually, perhaps you should start the discussion rather than wait for the agency to wake up. Go to them and tell them the client wants you to stay with them but you aren't happy with the deal and will only renew subject to you getting a 500% rate rise and only working alternate Fridays (or whatever sounds reasonable
). In your circumstances there's no benefit in letting them lead the discussion, especially if the client is behind you. It's you generating the repeat business, after all, so you should be driving things forward.

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