Overview of Private Investigation Industry

Transcript:Overview of Private Investigation Industry:
Overview of Private Investigation Industry According to IBISWorld, the private investigation industry generated approximately $6 billion annually, as of January 2017, and has grown an average of 1.6% each year from 2011 to 2016. There were 24,438 businesses in the industry. Private investigators work for attorneys, companies, government and individuals and find missing people, perform background checks and conduct surveillance. Eight in ten private investigator firms have no employees, so they are solopreneurs. According to the Bureau of Labor Statistics, the median wage for a private investigator is $55,080. The states with the most private investigators (PIs) are Florida, Georgia, Texas, California, Illinois, Ohio, Pennsylvania, New York, New Jersey and Massachusetts. Inside the Work of PIs In general, private investigators charge from $40 to $200/hour and retainers are typically $500 to $28,000, depending on the type of case. Surveillance cases cost more and research is less time consuming, so it’s less expensive. In addition to services offered to individuals, some PIs provide services to companies and attorneys. The Association of Workplace Investigators has more than 900 members in 41 states and Canada. While the majority of work for individuals involves marital infidelity and background checks, corporate investigations may include asset searches, unlawful conduct among employees, unfair competition, competitive intelligence, slander and defamation. Job and Licensing Qualifications PIs must be licensed in all but 5 states (Alaska, Idaho, Mississippi, South Dakota and Wyoming), with different requirements in each state. At a minimum, prospective PIs must be older than 21, a US citizen or resident and have no felony convictions. Some states also require a minimum of an associate’s degree in criminal justice or related field or equivalent experience. Some states allow PIs to carry weapons and require firearms training and certification. Private investigators must also be aware of local, state and federal laws regarding wiretaps, GPS trackers, drone surveillance and more. Many PIs are former or retired law enforcement officers. Spy Gadgets and Tools Used Private investigators can use surveillance drones to survey land for court exhibits and reenactments of events, to find hidden objects and to understand the “lay of the land” to prepare for onsite surveillance. Limitations include short battery life and detectability. Today, there is plenty of information to be discovered online, via Facebook, local government Websites and paid services, such as tlo.com, which provides investigators with access to more than 65 billion public records. Private investigators may