Expert Witness work is a part-time activity for most experts, yet it is highly profitable
Sausalito, California (PRWEB) September 21, 2014
Expert witness work is in! That was evident today as ExpertPages.com released the findings from its 2014 Expert Witness Fees & Practices Survey. With litigation of all types becoming increasingly complex, the demand and compensation for qualified and credentialed expert witnesses has now reached its highest level in the Survey’s 16-year history.
The nearly 600 experts surveyed reported earnings that averaged $326 an hour for their expert work, an increase of 3.2% from ExpertPages’ 2012 survey. They also reported a 15% increase in the average number of new assignments accepted.
Physicians were the highest hourly earners, averaging $470 per hour while devoting less than one day per week (18% of their professional time) to litigation related activity. Technology, Internet & Intellectual Property experts topped the chart at $61,128 in terms of average earnings per assignment, although their hourly rates averaged $416 per hour.
“Expert witness work is a part-time activity for most experts, and it is highly lucrative,” explained Gerry H. Goldsholle, Founder & CEO of ExpertPages.com and its parent Advice Company. He added that most expert work involves preparing analyses and reports, rather that testifying in court. “As the stakes are becoming higher, lawyers and insurers are retaining experts more often, and bringing them in sooner, as courts are increasingly rigorous about requiring experts to support their conclusions. All that is driving greater demand and higher fees for qualified experts,” Goldsholle explained.
ExpertPages 2014 Survey Report also illustrates the dramatic changes in the professional growth of Expert Witnesses. “Serving as an expert has always been rewarding work. When we began ExpertPages.com 20 years ago expert witnessing was a cottage industry, in which a relatively small circle of experts primarily generated assignments by word of mouth. It’s come a long way since then. Now several experts reported annualized earnings of over $1 million from their expert witness assignments, and some of the highest earners were new to expert witness work,” Goldsholle added.
A 9 page Executive Summary of the Survey – including data by experts’ field of specialty, practice setting and experience – is available for free download in PDF format, at http://goo.gl/lIuxOi The full Survey Report is available for purchase on Amazon.com.
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About the Survey
The ExpertPages biennial Survey of Expert Witnesses Fees & Practices has been tracking expert witnesses and litigation consultants since 1998. This year’s Survey, conducted by an independent research firm, is based on the confidential responses from almost 600 experts in numerous fields throughout North America. Of the total, approximately half were current ExpertPages accredited Members and half were not. The Survey questionnaire asked more than 20 questions, with additional questions added to enable respondents to elaborate based on their field of expertise or earlier responses.
About ExpertPages
The original and premier directory of expert witnesses and litigation consultants, ExpertPages links attorneys, law firms and legal professionals to thousands of leading experts throughout North America. In addition to finding a remarkable list of highly-credentialed experts, the site features free, comprehensive articles written on a variety of law topics, timely blogs, and hands-on advice on working with attorneys.