On the View Timekeepers web page, Add Timekeepers web page, and in the Upload Timekeepers CSV file, here are the definitions of the different types of rates:

Standard Rate = Rack rate at the firm, no discount applied.  

Discounted Rate = Rack rate minus an agreed discount (could be a percent or amount applied).  

Billed Rate = The rate that will be found on the LEDES file when submitting the invoice, could be the Standard Rate or the Discounted Rate depending on how the firm submits a discount.  

Note: Some clients require the discount when submitting by taking 10% off the entire invoice, and some clients require the invoice disount be submitted with an already discounted rate. Check your client's billing guidelines for more information.