Firms are expected to increasingly provide value-added services
Los Angeles, CA (PRWEB) August 17, 2012
Trial consultants are generally used in high profile cases, such as the OJ Simpson and Scott Peterson trials. Their high cost can deter demand when the economy slows. Such was the case during the recession, with revenue declining 3.0% and 2.8% in 2008 and 2009, respectively. Unfortunately for industry operators, a decline in per capita disposable income and corporate profit resulted in fewer funds being available for consulting services. Consequently, the industry's growth has been relatively slow during the past five years. Revenue for the Trial Consultants industry has increased just 0.2% annually to $153.2 million in the five years to 2012, according to IBISWorld industry analyst Kevin Culbert. However, industry demand is expected to increase in 2012 as corporate profit and per capita disposable income rises. As such, IBISWorld expects industry revenue to increase 2.7% in 2012.
Over the past five years, operators in the Trial Consultants industry have increasingly focused on providing services during trials, Culbert says. Historically, trial consultants have been hired for jury selection services and to help with the communication of an already developed argument. However, more law firms are using trial consultants for an assortment of services, including the actual development of arguments and an overall trial strategy. Furthermore, an increasing number of trial consulting firms are extending the services they provide to include specialized graphics consultation and trial technology support. These factors have caused the proportion of revenue generated by trial consultants during a trial to increase over the amount of revenue generated prior to a trial's opening.
In the five years to 2017, IBISWorld estimates that industry revenue will increase. Trial consultants will benefit from an increase in corporate profit and per capita disposable income, which will increase the amount of money potential clients have available for the industry's high cost services. The number of firms operating in the industry is forecast to increase as well in the five years to 2017. Existing firms are expected to increasingly provide value-added services and employ individuals with a variety of educational backgrounds, including psychology and criminal justice. In spite of an increase in competition from new players and large law firms and consulting firms with in-house trial consultants, increased demand is expected to mitigate potential declines to profit margins. The Trial Consultants industry is highly fragmented and thus exhibits a low level of market share concentration. For more information, visit IBISWorld’s Trial Consultants in the US industry report page.
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IBISWorld industry Report Key Topics
Firms in this industry primarily offer services for lawyers in the field of legal trial psychology. Trial consultants provide services through all stages of a court case, including juror selection, trial simulation, testimony organization and witness testimony preparation. While no special training is required to participate in this industry, trial consultants frequently possess advanced degrees in psychology.
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