The following clip has been excerpted from SEAK’s course, “How to Start, Build, and Run a Successful Expert Witness Practice.” Thank you for watching.
Okay. So, when you’re going be giving a patient new medication, you wanna look at a cost benefit analysis. What’s the risk, what’s the likely risk versus the likely benefit? And in order to do a cost benefit analysis like you’d want to do in considering some marketing and how much time and money and effort you want to put into your marketing technique, you need to have an idea of what the benefit would be of getting a new client. So, what I like to tell people, what I like to do when we’re in class is I ask people, “How much is a new client worth to you as an expert witness?” And I typically get responses $5,000, $7,500, $10,000, $2,000, $20,000, $25,000, $30,000. All these numbers, in my opinion, are way too low and is completely off the mark because especially when you’re just starting out and especially when you are young, not saying you’re young but you have a large…a long expert witness career ahead of you, the value of a new client is probably many orders of magnitude higher than the value of a particular case. So, what these people are giving me, they’re giving me a case number. How much is the case worth? But because every witness assignment that you give, that you take, that you perform gives you an opportunity to show your stuff to your client, to the lawyer, when you show your stuff, when you work on a case and you get $20,000 to work on a case and you impress the living daylights out of lawyers, they then tell all their friends, “You got to get this expert witness.” And then you get these cases at 20K each. This is like the spread of the Coronavirus, right, the are not. And then they tell their friends and they tell friends and this $20,000 case, this $20,000 case, this one client that you get could be worth several hundred thousand dollars, a million dollars over the course of your career. It could be worth an absolute boatload of money because it’s giving you an opportunity to showcase your stuff.
If you’re an actor, you get your first big break. Harrison Ford’s big break was in “Star Wars” as Han Solo. So, he gets that break and what happens? The people find out that they like him, the producers like him, the directors like him, he becomes one of the biggest Hollywood stars in history. So, his…the value of landing that role in the original “Star Wars” was far beyond whatever they paid him for “Star Wars:. If the guy is worth $100 million now, maybe $99 million of that was a result of the role that he got playing “Star Wars,” Harrison Ford. So, that’s what you wanna look at. So, the early you are in your career, the more valuable your…each client is. And you want to think about this when thinking about how much time and how much effort should I reasonably put into marketing and put into business development to get my cases. And the number is not what that one case is worth, the number is many, many multiples of that. And that’s the lesson that I want you to really understand. The benefit of a client is far beyond what you’re gonna get paid for the work in that one particular case.
Okay. So, that’s how much a new client is worth. And as we discussed, a new client can be worth a lot. So, it can be worth a lot of time and a significant amount of money for you to land those clients, especially early in your career.
SEAK is the expert witness training company. What you have just seen has been excerpted from SEAK’s course, “How to Start, Build, and Run a Successful Expert Witness Practice.” Thank you for watching.