Stan V. Smith Terms

Our Standards and Our Creed

PURPOSE: We promise to deliver top-notch economic and financial analysis, testimony, problem solving and creativity.

QUALITY: We will provide only Premier Quality services.  When and only when Premier Quality services have been rendered, we will charge a fair fee for what we have provided.  You must be satisfied with the quality of our services (independent of the outcome of your case) or you do not owe a fee.  If there is a question or concern in this regard, please contact us within 30 days of receipt of our invoice. We will make every effort to meet your expectations and resolve any issues.

HONOR: As a corporate citizen, we will act in the community with the highest moral principles that we expect others to follow.

SUCCESS: We know that your success and our success depend entirely upon our integrity.

CLIENTS: We will treat each client as if our entire firm depends upon that client’s highest degree of satisfaction with our services.

VENDORS: We will treat each vendor with respect.

STAFF: We recognize each staff member as a business partner in spirit.  Our firm’s success in great part depends upon each member’s satisfaction with his or her job.

SELF: We recognize that our work is a part of our life and each of us takes responsibility to take care of our whole life, at work and elsewhere.

SUMMARY OF SELECTED TERMS AND CONDITIONS – 2021

  1. We commit to provide you our services on the most efficient and predictable basis possible.
  2. While some matters are charged on an hourly basis, we commonly charge a flat fee for most analysis: standard tangible or intangible loss evaluations are charged at a set fee of $4,785. Combined analyses are $5,565. Fees for complex matters are $6,435. Business or commercial litigation cases typically start at $6,685. For reports due within 15 business days of receipt of case materials, a 10% rush fee will be charged; for reports due within 10 business days of receipt of case materials, a 15% rush fee will be charged.
  3. There are generally no further charges, except for hourly rates for deposition or trial testimony, and certain work as detailed under “Hourly Rates”.
  4. Deposition and trial testimony rates are typically $470 per hour with no minimum. Complex and commercial litigation testimony rates can range from $485 to $695 an hour.
  5. Travel expenses are incurred at the most economical, yet refundable rates. We generally make our own arrangements and do not require prepayment for travel.
  6. The deposit/retainer on most matters is $1,250 and is refundable, if work has not commenced, less an expert witness reservation fee of $625. Complex and commercial litigation matters may involve a more substantial deposit/retainer, starting at $2,500. A retainer is needed to commence work on your case.
  7. You must be satisfied with the quality of our services (independent of the outcome of your case) or you do not owe a fee. If there is a question or concern in this regard, please contact us within 30 days of receipt of our invoice. We will make every effort to meet your expectations and resolve any issues.
  8. We adhere to the Golden Rule and look to long-term relationships.

ESTIMATES:   We will be pleased to provide written or oral estimates on specific matters.  Costs, of course, range depending on many variables, including the quality of data input from counsel and other complexities.

BILLING:   Payment shall be due within thirty days of the invoice date unless otherwise arranged.

WE CONSIDER YOU AND YOUR FIRM TO BE OUR CLIENT, AND WE LOOK SOLELY TO YOU FOR PAYMENT OF OUR INVOICES ON A TIMELY BASIS, IRRESPECTIVE OF THE OUTCOME OF THE CASE.  WE ALSO LOOK SOLELY TO YOU IRRESPECTIVE OF ANY ARRANGEMENTS YOU MAY HAVE WITH  OTHER LAW FIRMS, OPPOSING PARTIES, OR YOUR CLIENTS TO PAY FOR OUR SERVICES.  FOR EXAMPLE, IF THE OPPOSING PARTY NOTICES A DEPOSITION AND YOU BELIEVE IT IS THEIR RESPONSIBILITY TO PAY, WE STILL HOLD YOU RESPONSIBLE TO PAY OUR CHARGES IF THE OTHER SIDE FAILS TO PAY PROMPTLY WITHIN 30 DAYS.

CONTINGENCY BILLINGS:   We firmly adhere to Rule 3.3 (a) (15) of the Supreme Court of Illinois and similar rules in other states:

“…A lawyer shall not pay…compensation to a witness upon the content of his testimony or the outcome of the case…”

Further, our fees are not contingent upon any rulings regarding the admissibility or weight given to the testimony, or any other factors.

PERSONNEL:   Where required, but only with your consent, we will commit to provide services of other designated individuals in our firm.  Rates for other personnel range to as low as $55 per hour for professionals of lesser rank.  In other areas of expertise, we can work with your firm to interview and select additional consultants and experts on your behalf.  Those so retained may work in association with our firm.

REVIEW:  Upon review of each billing matter, we may conclude, at our own discretion and after taking all factors into consideration, that a reduction in charges is fair and appropriate for the service rendered.

DEPOSITION AND TRIAL TESTIMONY CANCELLATION:   Generally one hour is billed for in-house preparation for testimony; this is performed at least two business days in advance.  If scheduled testimony is cancelled with less than two full business days notice, one hour will be billed for in‑house preparation required for the testimony, and for administrative scheduling.  In complex cases, more than one hour of in‑house preparation may be required and thus billed.  If the testimony is rescheduled, no additional in-house preparation will be billed, even if subsequently cancelled.

If a deposition is scheduled, reserved and cancelled three times, one hour will be billed for the administration of the reservation/cancellation.

LATE CHARGES:  We expect payment in full within thirty days of our statement date.  We can accommodate reasonable delays or alternatives upon request which better meet your cash flow requirements when agreed in advance.  To be fair to those who pay promptly, SEG reserves the right to accrue and charge interest at the rate of 1.0% per month, compounded monthly,  commencing thirty days after the statement date, and to assess a one-time account reinstatement fee equal to the greater of 5% of the amount outstanding or $50,  after ninety days following the statement date.

TERMINATION:  SEG shall suspend or cease to perform further work on any given matter at your request.  SEG reserves the right to bring work to a completed stage and terminate, or to terminate for cause at any time, work in its client’s behalf.

VENUE AND CHOICE OF LAW:  Any dispute arising under this agreement shall be determined under the law of Illinois.  The venue shall be in Chicago.

Click here to download a PDF of Our Standards and Our Creed

01/08/2021

University of
Chicago-trained Economist and
Financial Consultant

stan-smith

Stan V. Smith, Ph.D.

Dr. Smith and his team provide high quality strategies to educate a jury in economic valuation & analysis for fair awards.

© Smith Economics Group, Ltd. All rights reserved. | Tel. 312-943-1551 | Fax 312-943-1016 | [email protected] | 1165 N. Clark Street, Suite 600, Chicago, IL 60610