Starting from the Weisskopf theory decay rates for the evaporation of cluster atoms from hot liquid alkali metal clusters are derived. The crucial input quantity is the level density which is determined from empirical properties of the bulk, namely from the specific heat and the thermal expansion coefficient. The resulting rate expression is compared with decay rate formulas given by Engelking, Klots and Gspann. Furthermore, critical (appearance) sizes of multiply charged clusters are calculated by equating the rates for neutral monomer and light charged particle emission. Also shrinking and cooling rates of large hot clusters are determined by treating multiple emission of cluster atoms, thus establishing a time scale for the decay of clusters theoretically.