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Jack and Suzy Welch at the Entrepreneurs' Organization Chicago Chapter.
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.
Expert Witness Recommendation; Clear Your Mind
Worry seems to be rampant, especially (ironically) among the most "advanced" members of our society - the talented, the intellectuals, the ones who are often called upon to serve as expert witnesses. Perhaps it is due to our anxieties about the past, or worries about the future. Maybe it is due to unfulfilled desires, or unhealthy attachments to the things and relationships we have acquired. Whatever the source, it is clear that worry is not useful. According to the Zen tradition, worry is a cancer of the emotions - concern gone compulsive. It eats away at body and mind.
An expert witness, more so than others, has a powerful intellect that can regulate the anxieties of the past and worries for the future. An expert witness has a higher calling and does not have time or energy for such worries. Similarly, an expert witness, already esteemed by his colleagues as having achieved mastery of his field, is able to use his intellect to keep the ever-increasing desires of the mind in check. A true expert wtness does not become attached to things and relationship in an unhealthy way.
The expert witness has high energy levels because he has a high ideal: ensuring that the cause of justice prevails in an important legal matter. The world will ever and always be a constant parade of violence, conflict and injustice. It is enough to take care of yourself and do something good for those you meet. That is why it is imperative for an expert witness to answer the call of justice.
If an opportunity presents itself, whether by chance, by your own expert marketing, or by an expert witness referral firm, answer the call. If you are qualified and believe in the cause of the party you represent, do your duty and become an expert witness, even if you are "busy." Help because it is in your power to help. After you have acted, after you have completed your service as an expert witness, withdraw and be unconcerned about it, unconcerned about the outcome. Walk on without ever mentioning it to anybody. Then there is no worry, because there has been action.
Russ W. Rosenzweig
Expert Witness Guru, Round Table Group CEO Russ Rosenzweig
It is my pleasure to introduce the CEO and co-founder of Round Table Group Russ Rosenzweig, who will be regularly sharing his extensive expert witness referral experience and legal business knowledge with both current and novice expert witnesses across the country on a recurring basis. Prior to joining Round Table, Mr. Rosenzweig served as a senior consultant for the management consulting practice of PriceWaterhouseCoopers in Chicago. Mr. Rosenzweig was previously the youngest corporate finance analyst at Alpha Capital Venture Partners, a venture capital firm in Chicago, where he focused on providing debt and equity financing to middle market public and private companies. Mr. Rosenzweig holds a Bachelor of Arts degree in economics and mathematical methods in the social sciences from Northwestern University, and an MBA from the University of Chicago Graduate School of Business. He also holds a Certificate in Liberal Arts from the University of Chicago and a Certificate des Etudes from the University of Paris (Sorbonne). At Round Table Group, Mr. Rosenzweig is an advisor to law firms on matters related to location, selection, and retention of Experts. He also advises fast-growing private companies on location and selection of advisory board members. The firm maintains a network of 95,000 university professors and industry experts around the world. An authority on innovation and strategy within larger firms, Mr. Rosenzweig co-created the "Internal Venture Marketplace" framework with Professor Harry Davis of the University of Chicago Graduate School of Business, and has co-authored with Professor Davis an article on the topic published in The Virtual Strategist, an academic journal. Mr. Rosenzweig has advised BP, ExxonMobil, Lockheed Martin, Motorola, Black & Decker, FMC Corporation and other companies on new-venture creation and on promoting entrepreneurship internally. He has applied distance learning and Web-based technologies to teach entrepreneurial strategy to hundreds of managers around the world, including, formerly, as Director of the Booz Allen & Hamilton Certificate Program in Business Strategy. Mr. Rosenzweig serves on the board of advisors of several companies in the United States, France and the United Kingdom. He was the founder and former Managing Director of Michigan & Oak Partners, a private equity and startup advisory concern. He remains an active "angel" and real estate investor. Mr. Rosenzweig's accomplishments have been profiled in the Wall Street Journal, New York Times, Crain's Chicago Business, Fortune Magazine, the Chicago Tribune, and in four business school case studies published by Stanford University. In 2007, Inc. Magazine named RTG for the fourth year in a row to the "Inc. 500" (now "Inc. 5000") list of the fastest growing private companies in the US. Mr. Rosenzweig is regularly quoted in news articles as an expert in entrepreneurship and business strategy. Recently, Crain's Chicago Business named him a member of "The Internet 100," a select group of influential executives, decision makers, financiers and idea people in the Chicago business community.
