Fee for expert witness on commercial property?

[masmia]

I researched the forum and found plenty of info on fees for court testimony on residential property but none on commercial. I recently I recently appraised an small (< 10 units) apartment building and may be asked to appear in bankruptcy court to support my appraisal. I have not done this before and wanted some feed back on what a typical fee might be. Thanks.

Also, forgot to ask if anyoune would be willing to share a sample agreement for expert witness testimony.

 

[PL1957]

I researched the forum and found plenty of info on fees for court testimony on residential property but none on commercial. I recently I recently appraised an small (< 10 units) apartment building and may be asked to appear in bankruptcy court to support my appraisal. I have not done this before and wanted some feed back on what a typical fee might be. Thanks.

It really depends on your qualifications and market. I've seen hourly rates ranging from less than $100 to over $600. Be somewhere in between and you should be fine. I find if you charge the same rate as the attorney involved, they take you more seriously.

 

[Lee Lansford]

The fees for some "expert witnesses" SHOULD be "next to nothing" (or, if possible, even less!). Some expert witnesses are invaluable.

There's no "one-size-fits-all" answer to your question.

 

[Webbed Feet]

I ditto L.L.

If you've never been on the stand before and don't know what to charge, then I would advise being more on the lower end of the range in post two. Because the lack of court experience tends to mitigate the commercial / residential part of this down to something that would be immaterial in my opinion.

Reflect your experience and confidence on the witness stand as much, or even more, than your worth as an appraiser. A great appraiser that takes the stand, stutters constantly and drools all over themselves, isn't worth much. Not to, you know, mention, you know, that you know speaking, you know, in habitual, you know, obsessive patterns, can you know, can make it you know, really difficult to, you know, catch on to what you know. You know?

 

[Walter Kirk]

I see no reason to charge a different fee for testimony in a commercial case compared to a residential case. Your preparation time may be different but your time in court depends upon the judge and the attornies, not the subject matter of the testimony.

I charge $100. per hour for testimony. I know that I can charge more however testimony is rarely required and my reasonable fee leads to more court related assignments from more lawyers.

If I can offer some advice; be sure to closely review the reports used by the other side and be prepared to comment on them.

 

[Ken B]

I think Malano Blaniks (sp?) are overpriced. However, those that choose to purchase them do so for the perception of higher quality and stature.

Superior qualifications should receive superior compensation. However, when Keds do the job, why pay for Malano Blaniks?

(Now watch the spittle fly.)

 

[Carnivore]

Ken,

You have a point. My attorney clients pretty much charge the same. One exception is one principle is a well known big mouth and he charges several hundred more. Interestingly his alumni is not as well recognised or held in as high a regard as the less expensive lawyers.

My guess is his hot air must be worth something. How about your hot air is it getting the big bucks? :new_smile-l:

 

[Webbed Feet]

<....snip.....>
If I can offer some advice; be sure to closely review the reports used by the other side and be prepared to comment on them.

Then be prepared to quickly comply with all USPAP requirements of having communicated an oral review and to meet all of Standards Three as well as any other applicable part of USPAP.

 

[Ken B]

How about your hot air is it getting the big bucks? :new_smile-l:

I'm not sure about the bucks, but I do get to spend quite a few nights on the couch.



Kidding...I think.

 

[Michigan CG]

Any fees for potential testimony should be addressed in the letter of engagement for EVERY assignment.