Ahem … what else is it like? On a more serious note, check out this insightful comment posted by RJD in response to the original posting on Cheap Talk:
<<These rates [for expert testimony in the NCAA litigation] are substantially higher than most expert witnesses get paid because the subject matter is a bit esoteric (limiting supply) and because the economic stakes are quite large (increasing demand for the best experts). They are also the billing rates of the top testifying expert, not the average rate of the entire team. If you look at the average billing rate data for the publicly-traded expert practices such as Navigant or Huron Consulting, you find that the rates are in the range of $300-400 per hour. For some litigation consulting practices they would be even lower (say for example, regarding the valuation of a private business in a divorce) as the economics of the situation would not support higher fees. That said, we earn a nice living, as evidenced by a presentation made at a NJ State Bar conference where the lawyer asked, “How did the experts fees get larger than ours?”>>
From a story about the NCAA trial:
Noll, like most of the expert witnesses here, was paid well for his testimony: $800 an hour. (James Heckman, an N.C.A.A. expert, received $2,300 per hour.)
“I think it’s like being a pro athlete,” Noll said. “Getting paid for something I love to do.”
prior probability 