Expert Witness Billing Rates: What should I charge?

Inquiring (Expert) Minds Want to Know, Part One

Every day Round Table Group fields scores of requests from expert witnesses who are seeking answers to pressing business development questions. We have three Expert Witness Services staff members whose sole job is to provide answers to expert witnesses' questions. After several years of speaking with thousands of our colleagues, we have come up with the most frequently ask questions from our network of over 100,000 expert witnesses. Here is one of them.

"What should I charge for my services?"

I love this question, because it gets to the very heart of what makes experts different from everybody else. Experts aren't ordinary people; they are special; and that uniqueness creates a demand and a value for their knowledge and experiences. We have three answers to the question of billing rates.

First, ask an expert witness referral service. At Round Table Group we can check our extensive network of experts to anonymously survey what other expert witnesses with similar credentials are charging. This provides a real-time, industry-specific data point for your consideration.

Second, we urge you to check with your colleagues. This is a terrific, if somewhat more time consuming, source of information about expert witness referral rates. Doing this allows you to verify previous information, and also lets your colleagues know you are open to expert witness consulting opportunities.

Finally, ask yourself what your expertise is worth to you. Some experts, particularly those new to the expert witness business, keep their rates low to gain entry into the field. Others, long established or for whom expert witness consulting is a secondary venue, may opt for higher rates.

Next entry will focus on some specific areas of expertise, and their billing rates. Stay Tuned!

If you are new to the expert witness industry, or would like to learn more about industry rates, the Expert Services staff at Round Table Group stands ready to assist

Expert Witness Billing Rates: What should I charge?

Inquiring (Expert) Minds Want to Know (part of a series)

Every day Round Table Group fields scores of requests from expert witnesses who are seeking answers to pressing business development questions. We have three Expert Witness Services Coordinators; staff members whose sole job is to provide answers to expert witnesses' questions. After several years of speaking with thousands of our colleagues, we have come up with the most frequently ask questions from our network of over 100,000 expert witnesses. Here is one of them, a continuation from last week's entry.

Janet F. asks us: "I am an expert in Pharmaceutical Marketing. What should I use as my hourly consulting rate?"

Great question Janet! I start by referring you to last week's entry, which offers some useful methods to address this. But let us also use some specific data collected from our referral network of over 100,000 expert witnesses. Most experts have two rates; rates for testifying/deposition, and rates for non-testifying expert witness consultation.

Pharmaceutical Marketing: These are big cases, often with huge stakes not just for clients involved, but for the industry as a whole. Expert witnesses in this discipline tend to be MBAs, JDs, MDs, and/or have many years of experience in hands-on sales and marketing within the pharmaceutical industry. A sample survey reveals that the hourly, non-testifying rates of pharmaceutical marketing expert witnesses range from a low of $200.00 an hour, to a high of $650.00 an hour, with an average rate of about $400.00 an hour. The average testifying rate was $95.00 higher. If you would like to learn more about being an expert witness, check out this link full of useful information. www.roundtablegroup.com/experts/index.cfm

World Class Expert Witness Service

Hello, allow me to introduce myself. I am Toby M. Edwards, VP of Operations and Director of Expert Services at Round Table Group. I have an awesome job. I get to work with experts every day. I love talking to experts, they always have such interesting backgrounds and fascinating stories. I'm lucky that so much of my career involves working with them.

I head the team of Expert Services Coordinators; full-time, highly trained professionals whose sole purpose is to assist RTG Experts in a responsive and timely manner. The Team fields scores of calls every day, and hundreds of email covering just about any question concerning our experts, from the simple "How do I update my profile" to the more complex requests, such as reviewing CVs and advising on average billing rates, to checking on current invoices and payments.

I started out as a researcher here at RTG back in 2003, doing thorough and rigorous research every day to find the most talented experts, and working with those experts to present them to our clients for expert witness consulting gigs. It was a terrific job, and I bring those experiences with me every day now that I work solely with Expert Services. The big difference between then and now is that in Expert Services, we do so much more than just connect experts and clients. Our responsibility is to ensure that every RTG expert is supported and provided with world-class customer service.

Working with RTG is much more than just getting a profitable consulting gig with a top law firm; it's also about having a committed and professional Expert Support Network at your fingertips. I look forward to working with you.

Round Table Group is proud to announce the launch of our new Expert Witness Intelligence Report, or Ewire, ! "This is one of several key developments initiated by RTG over the last 12 months to continue to provide our experts with world-class customer service and professional development within the expert witness industry. We are very excited about offering this new service to our registered experts," said Toby Edwards, VP of Expert Services at Round Table Group.

Each issue will be filled with useful data, helpful links, and the latest industry trends and developments. In future issues, key players in the expert witness industry will be featured, including revealing interviews and insightful commentary.

From this new newsletter format, experts can easily log on and update their profiles, and review current consulting opportunities. Check out our Conferences Section to stay abreast of professional gatherings and networking opportunities. And you can link to our Blog, The Expert Round Table, where you may join discussions on industry trends and connect with colleagues. There is also a link for easy access to our Expert Services Coordinators who are standing by to answer your questions and provide any assistance you need.

Round Table Group is committed to providing world-class personal customer service to our world-class experts.