Expert Witness Services What You Need To Know

What is the amount I should charge for my expert witness services

? In order to determine the success of your consulting practice, this question is important and very helpful.

Establishing competitive pricing levels can be done in several ways. One way is to discretely conduct some research to find out what other experts are charging. Another way is to review pertinent court records, since experts have to disclose their rates as part of their Rule 26 or equivalent reports.

When you are creating your rate structure, there are some reference books that you might find useful.

If you now have better sense on how you can set your hourly rates, it is time to learn the five tips that will help you in preparing a competitive rate card:

Get it in writing! Always start with a letter of engagement that clearly identifies your rates and business terms. How and when you will get paid is what you want to be sure of.

Why you should establish a minimum. In order for you to focus on every new case, you have to set all your other work aside regardless of the job size. About 5-10 hours minimum is what you should consider setting for smaller jobs. This policy will reimburse you for the value you provide to your client.

Asking for a retainer. You can insure payment by asking for a retainer that gets replenished as funds are drawn down over the course of your assignment.

Implementing a cancellation fee. You could find yourself with holes in your calendar where you once had billable hour commitments for depositions or court testimony because of the vast majority of cases that settle out of court. It is likely your cancellation fee may vary due to the degree of notice that you receive. For example, perhaps there is no penalty for cancellation 10 days prior to an engagement, but a 50% fee for cancellation 48 hours in advance.

Review your rates. An annual rate increase is a fairly common business practice. On January 1st of every year, update your rate card and every December, you should take a look at your rates. Having some room to increase your rates if none of your clients complains about them is considered as the general rule of thumb. Test higher rates on your new clients.

Remember that you are not paid on your testimony but rather for your knowledge. It would be better to price and bill accordingly.

by: Olivia Lake

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