If you make the decision to be available as a paid expert, prepare a fee schedule that includes your hourly rate, half-day rate, and full-day rate, as well as whether these rates apply for actual courtroom testimony (some experts charge a higher fee for live courtroom testimony than for patient record review). Because a judge may ask for justification of your fees, be prepared to defend the numbers.
Plaintiff’s counsel may ask you to defer being paid until after the case is resolved—which could delay payment for months or even years after you have provided your services. An additional risk may be that you will not be paid if the patient receives nothing in settlement or as a result of a plaintiff’s verdict following a trial or arbitration.
Outline and agree to all payment terms and conditions prior to taking on the role of expert witness.