Economic consultants are professionals that exist to help companies run smoother.  Not only are they there to be expert witnesses in court cases, but they may also be able to help turn around a failing business.  As useful as they are, some companies may find it difficult having to parse out which consultants to turn to.  Instead of grabbing the first one you see, there are other ways to find a better match.


In the same vein of needing an economic consultant, it’s essential to know how much your company can afford to hire one.  The average beginner consultant costs around $100 an hour.  Although this may not seem like much, it does add up over time.  If you go through an economic consulting firm, you may be able to save money based on how long of a contract you sign up for.

Don’t be afraid to shop around and ask for rates.  Although some consultants and companies may pressure you after you contact them, hold to your resolve and look for the firm or person that’s the best fit for you.

Size of Your Company

How large is your company?  The amount of help you need may call for a different consultant than you think you need.  Although there are some all-star consultants out there that any company would want to work for, if your company is less than twenty people and doesn’t pull in a lot of profit a year, you may want to look for someone smaller.

If your company is more extensive, and you need an excellent hands-on approach, look for larger firms who have handled many cases like yours before.  Although you don’t want to need an economic consultant often in business, it’s good to have one on hand that you can go to.  A firm will offer you the security of always having someone on hand who can do the work you need.

Type of Problem

What do you need the economic consultant for?  Is this to cover a problem like workplace harassment, or is it to take care of a lawsuit over wages?  Although most consultants can cover most issues, it’s essential to think about finding someone specializing in what you need or who has worked on this kind of problem before.  Take the time to look at your possible consultants’ work past, and consider if their practice and knowledge align with what you need.


Don’t overlook the location!  You’re probably hunting for consultants online, and although that may work for you- if you need them in person for a lawsuit, it can complicate things.  Either hire someone close to you or consider budgeting to have your consultant flown out.  Since COVID-19 started, many judges are allowing video or video-call testimony instead, which may work in your favor.  Consider what options are best for your company, look at what you can afford and who they’ve served before, and then move forward with your decision.  This decision is a massive choice that will help shape your company’s future, so take your time with it.