Estimating Deposition Fees and Services – – Appraisers Need to Know
Being deposed is an important service provided by appraisers. Almost any litigation-related appraisal report can lead to a deposition. Typically, the appraiser will provide a day-rate, half-day rate, or an hourly rate for this service. Most often the day rate is preferred by both the appraiser and the client.
When quoting a day rate, do not overlook the additional work required with almost every deposition. There is work well beyond the time you sit in the lawyer’s conference room. There is preparation time, report review time, and post-deposition paperwork.
In most cases, once the deposition is complete, you will receive a transcript of every word. You will be asked to review the document and complete an errata sheet.
You must provide a list of any corrections in the transcript. In most depositions, there are many changes the appraiser must make.
The errata sheet here was one I completed after in. major nationally known case a long ten-hour, one day deposition in a ordeal for my deposition in the Nixon Watergate Papers case. The deposition lasted ten hours and the transcript is 372 pages in length.
Be sure to consider the additional ‘after- deposition” billable time.
Make sure your contract reflects your need for two copies of the transcript, at the client’s cost.