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

Categories
Building your Business

Tags
billing rates
expert witness
expert witness consultant
pharmaceutical marketing

0 TrackBacks
Listed below are links to blogs that reference this post: Expert Witness Billing Rates, Part Deux

TrackBack URL for this entry:
http://www.roundtablegroup.com/movabletype/mt-tb.cgi/271

Post a comment