Periodically, RTG CEO Russ Rosenzweig sends in a Blog entry. Following is one of them.

5/10/09: Jack and Suzy Welch gave a delightful presentation yesterday for the Entrepreneurs' Organization Chicago Chapter.  As President of EO Chicago, I had the honor of hosting the event with 100+ entrepreneurs and business leaders. Jack and Suzy each had splendid insights that are relevant for expert witnesses.  I will share with you 1 each.

First, Suzy just completed her book, 10-10-10.  The philosophy is simple: when making a decision, decide what the impact of the decision will be in 10 minutes, in 10 months and in 10 years.  We can apply this to our role as expert witnesses, particularly when deciding whether or not to serve as an expert for a particular case. 

"What impact will this commitment have on my life and work immediately?"

"When the case starts to heat up and require more and more of my time, how will my life look in 10 months if I am on the case or if I am not on the case?" 

And finally, the 10 year question: "How will having accepted (or declined) the expert witness engagement effect my reputation and my resume in 10 years?"

Next, Jack had a profound insight that is highly relevant to expert witnesses.  In one word: frugality.  During this recession, it is no longer acceptable to be a "premium expert at a premium price."   Rather, for the next year or two, you need to be a premium expert at a price lower than the other "experts." $400/hour billing rate experts last year are not being engaged this year at $400/hour.  

We recognize that the litigators are also charging 30-50% less per hour than last year.  Your frugality, compassion and wisdom with respect to billing rates will never be forgotten by the litigation and expert witness communities.

Our booth at the INTA Conference is in a terrific, high-traffic location that is attracting a lot of fascinating IP folks. Although several hundred litigators have stopped and met us, many of our visitors have been experts, who are making the most of this remarkable gathering to network with law firms and other vendors.

I love talking with the experts here. Many are from Europe, Asia and Latin America, and chatting with them has been useful in getting industry intelligence about trends. I have heard three main things from the expert witness industry: first, a large percentage of Experts complained of slow payment, or delayed work; second, most Experts predict an increase in IP litigation in the near future - between 6-10 months, by anecdotal account; and third, many are looking to re-build or create professional connections with low or no-obligation alliances through which they may better position themselves to develop this expected business resurgence.

The shared sense that the slowdown is ending is reassuring. Most of us have noticed, and felt in substantial ways, the ripple effect of the economic downturn. What I found quite interesting was how many experts described how they were positioning themselves for the anticipated surge in economic, and medical device litigation.