NEW YORK--(BUSINESS WIRE)--Expert witness work is in! That was evident today as ExpertPages.com, a unit of the Advice Companies, released the findings from its 2016 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 18-year history.
The nearly 700 experts – surveyed for ExpertPages by independent market research firm DeBow Communications, Ltd. -- reported earnings that averaged $341 an hour for their expert work, an increase of 4.6% from ExpertPages’ 2014 survey. They also reported a 14% increase in the average number of new assignments accepted.
Pharmacology & Toxicology experts at $496 per hour, and Physicians at $458 per hour, were the highest hourly earners, with most devoting, on average, less than one day per week (18% of their professional time) to litigation related activity. Design & Manufacturing experts topped the chart at $47,570 in terms of average earnings per assignment, followed by Accounting, Business & Financial experts at $34,182.
“Expert witness work is a part-time activity for most experts, and it is highly lucrative,” said Gerry H. Goldsholle, Founder of ExpertPages.com and formerly President & CEO of MetLife Marketing Corporation. A noted insurance expert himself, he added “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,”
A 10 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://connect.expertpages.com/press1/. The full Survey Report is available for purchase on Amazon.com.
About the Advice Companies
Advice Companies and its affiliated companies (including Advice Company and AdviceCo Ventures Company) have been innovative leaders in providing information and services over the Internet since 1995. Over 25 million people visit the Companies’ premier websites -- FreeAdvice.com / AttorneyPages.com / ExpertPages.com / SeniorCareAdvice.com -- each year to find outstanding information and advice, to hire lawyers, experts, and professionals, to deal with senior care issues, and to purchase insurance. The Advice Companies are headquartered in Sausalito, California, with affiliates in Florida, Illinois and New York.