Cottage industry: economic analysis for cases and experts to testify about it

The Wall St. J., Vol. 249, March 19, 2007 at A1, sensationalizes the elite expert witnesses and their munificent earnings. Styled as “An Economist’s Courtroom Bonanza,” the article provides some astonishing background on the enormous costs, and sometimes contributions, of notable experts. For example, the article cites Dan Cooperman, general counsel of Oracle, who “spent millions” bringing three economic experts into a major antitrust case.

The Journal lists five firms as leaders in this crowded sub-industry, four of which are publicly traded, and the 2006 revenue of those firms: CRA International ($350 million); Cornerstone Research (privately held, $100 million); FTI Consulting ($754 million); LECG Corp. ($354 million), and Navigant Consulting ($682 million).

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