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I would like to review Dr. Sase's fee
schedule. TYPICAL COSTS OF RETAINING AN ECONOMIC EXPERT The forensic economist, often referred to as an economic expert,
must possess an advanced knowledge of economics and what must be done to
evaluate a case—work that goes far beyond simply “crunching numbers” on a
computer. A
recent survey of economists
who have been providing services
for
at least five years
indicates a range of charges as follows: Economic
Service
Hourly Rate Upon
being retained, experts require a
non-refundable retainer
that
will be applied to the final billing. On average, most of the work performed is
consulting with the attorney and their client, analysis of data and related case
documents, and preparation of a written report. Only
about
10% to 15% of cases
necessitate the
deposition
of the expert
before a settlement, and only
5% to 10% of cases
involve testimony by the
expert at
trial. Knowing
an economist’s hourly rates may not tell an attorney what that economist will
cost. Therefore,
ask for an estimate.
Finally,
every state bar has a similar rule in respect to payment of
compensation to a witness. It cannot be contingent upon either the content of the
witness’s testimony or the outcome of the case. Should a law firm receive an offer from an expert to work under any form of a contingency fee arrangement, the attorney is probably dealing with an unethical expert. Administrative assistants, that often make the initial contact with an expert, should be aware that such an arrangement will endanger the attorney’s standing as a member of the bar. I would now like to review Dr. Sase's fee schedule.
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