New York, NY (PRWEB) July 19, 2014
The Expert Witness Consulting Services industry recovered strongly from the recession over the past five years. Despite strong growth prior to the economic downturn from robust corporate and legal activity, industry demand and revenue fell during the recession. A decline in per capita disposable income and corporate profit caused businesses and customers to have fewer funds available for expert witness consulting services; consequently, the industry's growth slowed in 2009. Since 2010, industry demand and revenue have increased as corporate profit and per capita disposable income strengthened as well. Overall, IBISWorld expects industry revenue to increase at annualized rate in the five years to 2014, as the industry recover from recession lows. Revenue is estimated to increase due to greater demand from law firms and government organizations.
According to IBISWorld Industry Analyst David Yang, “Competition has increased throughout the past five years, which has pressured revenue growth and industry profit.” Although firms in the industry compete against one another on the basis of price, quality of service, expertise, communication skills and reputation, the industry as a whole faces significant external competition as well. In particular, integrated management consulting firms and large accounting firms that provide comprehensive strategy, economic and management consulting services pose as competition to expert witness consulting services. External competition also comes from firms that have a general counsel or in-house legal team with expert witnesses. Nevertheless, industry profitability is expected to increase in the five years to 2014, due to the recovery from recession lows.
During the five years to 2019, IBISWorld projects industry revenue to increase at an average annually. “Expert witness consultants will benefit largely from strengthened demand from law firms, higher corporate profit, a larger number of civil cases and greater per capita disposable income,” says Yang. For instance, corporate profit is expected to grow at an average annual rate in the five years to 2019. With this, potential customers will have more money available for the industry's high-cost services. In the next five years, companies are expected to provide more value-added services and employ workers with specialized backgrounds, and as a result, firms will be able to offer more services to clients and compete more effectively in the industry.
For more information, visit IBISWorld’s Expert Witness Consulting Services in the US industry report page.
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IBISWorld industry Report Key Topics
This industry provides witnesses to offer expertise and specialized knowledge within particular subject areas in court cases. This does not include in-house expert witnesses from firms that have a general counsel or legal team.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.