Industry Analysis & Industry Trends
During the recession, demand for the Expert Witness Consulting Services fell due to lower corporate profits and tightened government budgets. However, as the economic downturn's aftereffects start to dwindle away, demand for industry services will rise as budgets return to prerecessionary levels. In the next five years, the industry is set to benefit from an increase in per capita disposable income, government consumption and investment, corporate profit and strengthened demand from law firms. Despite these improvements, expert witness consulting firms will continue to face competition from large consulting firms and law firms that have a general counsel or in-house legal team with expert witnesses.... purchase to read more
Industry Report - Industry Investment Chapter
The Expert Witness Consulting Services industry is highly labor-intensive, resulting in a low level of capital intensity. The high proportion of revenue spent on labor reflects the service-oriented nature of expert witness consulting and the high level of education required for consultants. Larger firms in the industry are more labor intensive because they hire a more skilled staff. Larger firms desire employees that are more highly educated because the firms use reputation to remain competitive. Capital investment in this industry is largely for computers and software for using advanced research databases and developing graphical presentations for trials.
In 2014, for every dollar spent on labor, industry operators are estimated to spend $0.02 on capital investment... purchase to read more