ECONOMICS CONSULTING

Economic consultants, who generally work for a firm specifically devoted to economic consulting, are vitally important when it comes to high-profile legal cases involving multi-billion dollar corporations. They provide important research and analytical services to provide expert insight into complex financial and economic situations.

Research and data collection. This usually means performing database research (such as Lexis/Nexis) to locate information that is relevant to the case, such as news reports and case law, as well as reviewing documents related to court testimony, such as transcripts, depositions, and evidence that’s been presented. In some cases, you may need to contact data providers in order to collect or clarify information. Because the typical case generates reams of research, it’s important to be able to identify what is relevant and important and what can be dismissed.

Analysis. Many consultants find this to be the most interesting part of the job because it involves using (and sometimes developing) sophisticated mathematical and statistical models to create economic impact predictions that form the core of the testimony on behalf of the client. In short, analysis takes everything that’s been discovered in research and turns it into usable information.

Auditing. A consultant’s analysis is only as good as the data and methodology used to create it, so auditing is a vital part of the consultant’s work. A significant portion — up to 50 percent in some cases — of a consultant’s time is spent analyzing other consultant’s work to ensure that the models are sound and that there aren’t any flaws in the thinking or mathematical errors.