Big4 I used to work are fairly clear about who they call senior (consultant / senior consultant / manager / senior manager/etc) and I can rarely fault them.
Now for consultancies (Accenture and the like), the term is a bit more loose indeed.
Not exactly. The thing to keep in mind here though is that billable rate isn't necessarily 40 hours/week and you likely have some sort of salary component that requires you to hit a base amount of billable hours.
So something like (just making up numbers here)
$120,000/year
$170/hr for each billable hour over 20 hours/month
Sales/delivery bonuses, etc.