How much should I charge for my expert witness services? Its an important question that will determine the success of your consulting practice.
You can establish competitive pricing levels in several ways. One way is to discretely conduct some research to find out what other experts are charging. Another way is to review pertinent court records, since experts have to disclose their rates as part of their Rule 26 or equivalent reports.
SEAK publishes a reference book that you might find useful in creating your rate structure. Ask for the National Guide to Expert Witness Fees and Billing Procedures, written by Alex Babitsky, MBA, Steven Babitsky, Esq., and James J. Mangraviti, Jr., Esq.
Now that you have a better sense of how to set your hourly rates, here are five tips to help you prepare a competitive rate card:
1. Get it in writing! Always start with a letter of engagement that clearly identifies your rates and business terms. You want to be entirely clear on how and when you will get paid.
2. Establish a minimum. Regardless of the job size, you have to set all your other work aside in order to concentrate on every new case. Consider...
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