What is Economic Consulting?

Many firms that provide economic consulting services hire teams made up of many consultants to take on the various aspects of their cases. Generally, however, their work includes extensive data collection and research, location information relevant to a case, as well as reviewing any documents like transcripts, evidence, and depositions. As most cases generate extensive research, identifying what can be dismissed and what is relevant is critical.

Experienced consultants often find analysis to be their favorite part of the services they provide. It involves using sophisticated statistical and mathematical models to come up with economic impact predictions that will form the core testimony for a client. They’re able to take everything that’s been discovered in research and turn it into more usable information. Auditing is also an essential part of an economic consultant’s work as the analysis conducted is only as good as the methodology and data used. They typically spend much of their time analyzing other consultant’s work to ensure there aren’t any mathematical errors or flaws in thinking.

Due to the nature of economic consulting, these tasks are usually taken on as a team. It may be a lead expert working with an economic consulting firm. The firm is hired by private businesses to help maximize economic outcomes. They are often called upon as experts in legal settlements for various reasons and can be a critical part of deciding whether to litigate or settle a case.

Helping Businesses to Weather a Storm and Other Challenges

Most new businesses fail, as you’ve probably heard before, and the U.S. Bureau of Labor Statistics confirms: just 25 percent manage to manage to make it to at least 15 years, and nearly half shut down within five. By hiring a firm that provides economic consulting services, you’ll have a better chance of beating those odds. The experts can bring key insight into complex financial and economic situations through research services and critical analysis. They will analyze the extensive data they have access to in order to come up with the best possible strategy for success and/or help a business weather a storm when facing a challenging economic climate. They can be critical for small startup businesses by doing the necessary planning and research while helping the organization put strategies in place.

Better Decisions and Strategies in an Uncertain Economy

Economic consulting can help a business realize many different benefits while assisting with strategies to endure market fluctuations and more. When there is a lot of uncertainty about the economy, developing a marketing plan that will be the most effective, along with conservative financial models to provide additional security is a must. It can be like trying to get through an obstacle course, but an experienced economic consultant can help a company’s leadership team battle through by providing the right plan and setting goals that are appropriate for the situation.

Types of Economic Consulting Firms

Economic consulting firms vary, for example, there are relatively few large economic consulting agencies in the U.S., most of whom handle large, high-profile legal cases that involve multi-billion dollar corporations like YouTube and Viacom, companies that retained their services for a headlining case in 2007. But there are also small boutique firms that provide these essential services for lower-profile cases.