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.

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Expert Advice from the CEO

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