Business Overview

Expert witnesses are frequently consulted and called on to testify during trials. Expert witness businesses help connect litigators who need expert witnesses with qualified professionals. According to IBISWorld, the expert witness consulting services industry has an annual revenue of $130 million.

Who is this business right for?

Anyone who enjoys connecting with people and is detail-oriented may be well-suited for running an expert witness service business. Most of the work involves interacting with litigators and expert witnesses, so it’s helpful to be a people person. Because both litigators and expert witnesses can be very precise at times, it’s also good to be detail oriented.

What happens during a typical day at an expert witness service?

Business owners spend much of their time fielding requests for expert witnesses from litigators and connecting them with qualified witnesses. Business owners develop lists of witnesses, so the matching process involves little more than looking up what witness meets a litigator’s requirements and introducing the two parties.

Before or during the initial introductions, contracts are signed by the litigator, witness and expert witness service business. Additionally, business owners are usually responsible for collecting payment from litigators and giving witnesses their due fees.

When not working directly with litigators and witnesses, business owners spend their time finding additional witnesses for their database and marketing their expert witness business.

What is the target market?

An expert witness service business’ ideal customer is a lawyer who regularly takes on similar cases that are closely contested. Such a lawyer will likely have a regular need for expert witnesses in the same field, which gives a business an opportunity to specialize in that field.

How does an expert witness service make money?

An expert witness service business may make money two different ways. It may collect a percentage of expert witness’ fees as a commission, and it can charge expert witnesses to be listed in its database.

What is the growth potential for an expert witness service?

Most expert witness service businesses have just one location, from which they may serve many areas. Rather than expanding by opening additional offices, businesses grow by branching into other areas of specialty and finding more witnesses. A business doesn’t need a physical office in a state in order to offer witness-finding services in that state.

For example, a business might start out with a database of expert witnesses who are familiar with insurance-related issues, and then add medical expert witnesses to its services. These witnesses can be added without opening a new location.