(State or other jurisdiction

of incorporation)

(IRS Employer

Identification No.)

/S/ ERIC B. MILLER

Exhibit No.

Description

Operator:

This is [unknown]. Good day and welcome to the FTI Consulting fourth quarter 2007 earnings call. As a reminder, today’s call is being recorded.

For opening remarks and introductions, I would like to turn the call over to Eric Boyriven of FD. Please go ahead, sir.

Eric Boyriven:

Good afternoon. By now you, should have received a copy of the company’s fourth quarter 2007 press release. If not, copies of the press release can be found on the FTI Web site at www.fticonsulting.com.

This conference call is being simultaneously Webcast on the company’s Web site, and a replay will be available on the site for 90 days.

Your hosts for today’s call are Jack Dunn, president and chief executive officer; Dennis Shaughnessy, chairman; Dom DiNapoli, executive vice president and chief operating officer; Jorge Celaya, executive vice president and chief financial officer; and Dave Bannister, executive vice president and chief development officer.

Management will begin with formal remarks, after which they will take your questions. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements that involve uncertainties and risks. There can be no assurance that actual results will not differ from the company’s expectations.

The company has experienced fluctuating revenue, operating income and cash flow in prior periods, and expects that this may occur from time to time in the future. As a result of these possible fluctuations, the company’s actual results may differ from our projection.

Further preliminary results are subjected to normal year-end adjustments. Other factors that could cause such differences include pace and timing of additional acquisitions, the company’s ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients, and other risks described in the company’s filings with the Securities and Exchange Commission.

I would now like to turn the call over to Jack Dunn, president and CEO of FTI.

Thank you, Eric, and good afternoon and thanks to all of you for joining us on our 2007 fourth quarter and year-end conference call. The fourth quarter was just an outstanding finish to an extremely good and important 2007 for FTI. For the full year, we saw the tangible results of the investments we had made in our people, our brand, and our infrastructure in prior periods.

For the quarter, we maintained the extremely strong momentum that we had built over the course of the year, enabling us to produce not only a record year for our company, but an important milestone for FTI. And by that I mean the virtual completion of our 2009 five-year plan two years early.

As you will remember, the essentials of that plan were to double our revenue to $1 billion, have 15 percent of those revenues originate from outside the US, maintain our industry-leading profitability, and maintain our leverage at below three times EBITDA. I am pleased to report that for 2007, our revenue topped $1 billion; 16 percent of those revenues originated from outside the US. We maintained our industry-leading profit margins, and our net leverage was below one times EBITDA at year end.

Achieving these goals fully two years ahead of plan is attributed to our people, to our strategy, to the platform we’ve built, and to our focus on execution. Our products are proving to be the right ones, and our plan for geographical expansion is enjoying not only a strong demand for our services from the local markets, but also demand from the multinational organizations coming to us as one of the select few providers with both the critical mass and the ability to perform in multiple venues as they increasingly globalize their operations. We think that achieving this plan this year, in three year, is another validation of that strategy and a confirmation of how rapidly our business is truly coming together.

To begin our review, let me give you some key stats for the year and then provide some color behind the numbers. As mentioned, for 2007, we reported revenue of $1 billion, up more than 41 percent compared to 2006. That performance included outstanding organic growth of 19 percent for the full year and was augmented by our acquisitions. Each of which is performing well and were above plan.

EBITDA for the year also increased 41 percent to $216 million or 21.6 percent of revenue, confirming the margins we had achieved in 2006. We are in $2 per share compared to $1.40 on a GAAP basis in 2006, which as you will remember, included a $0.32 charge in – special termination charges.

So, in addition to the sheer growth of FTI, we’re delighted at the pace at which we are realizing our strategic objectives. Before I discuss the fourth quarter highlights, I would be remiss if I did not address the major business driving our industry and indeed the world, the topic that’s on everyone’s mind, and that is the global credit crisis.

What began as a virus in the US subprime mortgage sector has erupted into a full-blown financial and economic pandemic attacking transparency, liquidity, and most importantly confidence throughout the world’s financial markets and the institutions and enterprises that rely on them. The issues of transparency, liquidity and confidence are vital to enterprise value. These are the very issues and skill sets that we are designed to illuminate, and the very value our mission statement call us for us to protect. We are seeing broad-based international demand at every one of our segments from credit related engagement, and that demand appears to be accelerating.

In corporate finance restructuring, we saw the first signs of the credit crisis appear in the real estate market, and I previously reported to you that we were seeing large disruptions in the home building and mortgage-related markets. Since that first call we received over a year ago to assist the struggling sub-prime originator New Century, we have been at the forefront of assisting financial institutions cope with growing – the growing plague. More recent engagements includes monoline insurers, hedge funds, and continued work with home builders and their related suppliers. We have been active in assisting major private equity firms in their analysis of potential rescue plans for struggling institutions such as Northern Rock in the UK, and as we have predicted, the effect is now beginning to show up in areas dependent on consumer discretionary spending.

For example, we have active engagements for six of the eight large retailers who have recently filed bankruptcy in the last several weeks. Stakeholders and household names such as Fortunoff, Levitz Furniture, Bombay and Sharper Image have sought our expertise and advice.

In technology, we are seeing significant new work from major financial institutions in the US and Europe, as they seek to understand and value their portfolios. Investigations are at early stages, beginning with electronic information discovery and analyses. These investigations may lead to valuation and reserve adjustments, financial restatements and, of course, eventually to securities litigation.

In strategic communications, we have been called on to assist clients challenged by the impacts of the credit crisis. These clients are as diverse as Centro, the major Australian retail property developer highlighted on the front page of the Wall Street Journal today, to Société Générale in France. We are assisting literally dozens of clients in the U.K. and the U.S. as they seek to understand and communicate the effect the credit crisis may have on their institutions and their stakeholders.

In FLC, our role in the Bear Stearns hedge fund insolvency was probably our highest profile engagement, but underlying that, we have seen a number of new cases beginning at the end of last year that will begin to ramp up. This work is anticipated to include restatement work for home builders and mortgage lenders, investigation into investment vehicles related to subprime CDOs, CDO squared, cubed, wraps, rewraps, SIVs, auction-rate securities, mark-to-market and asset impairment accounting, and shareholder litigation.

Because of the strength of our corporate financial restructuring practice, we often get an early look at the issues that grow into significant financial statement investigation engagements. FLC works closely with the restructuring team that really begins their heavy lifting somewhat later into the crisis. They focus on the analysis, investigation, liability causation, and damages assessment issues that are so critical in the trial phase.

Finally, in economic consulting, we have seen a tremendous increase in the higher stakes commercial litigation related to the liquidity crisis. In fact, we have begun 19 new engagements since just the beginning of this year, addressing everything from securities class actions regarding fraud and exploitation of adverse conditions in the credit markets, to refusals to fund mega deals and reliance on the so called MAC Clauses.

Past issues that have driven our business include governance run amuck relating to Sarbanes-Oxley in 2001 through 2003, the reinsurance crisis of 2004, the hedge fund issues of 2005, and most recently the options backdating scandals of last year. While the magnitude and longevity of this global credit crisis are unknown, the breadth, scope and dollars at risk have dwarfed the aforementioned issues.

Now to the quarter – as you can see from our fourth quarter numbers, the momentum we enjoyed throughout the year continued to accelerate. Our revenue in Q4 was $280.5 million, 29 percent higher than the $216.8 million that we reported in the same period last year. Organic growth in the quarter, measured by excluding the contribution from businesses we acquired in the past 12 months, was 24 percent, which maintained the pace of the third quarter. Top line drivers of this outstanding performance were an increasing amount of work from enterprises being impacted by the global credit crisis, the continuing pace of legal regulatory and corporate integrity activity, and increased strategic M&A activity.

We reported EBITDA on the quarter of $64.3 million, 26.4 percent higher than last year and 22.9 percent of revenue. In the fourth quarter of 2006, we reported EBITDA of $50.9 million and EBITDA margins of 23.5 percent. This very small decrease in our EBITDA margin was primarily caused by the substantial completion of the rollout of our long-term incentive and retention plans. In addition, we continued opportunistic spending at the corporate level on branding and infrastructure, where we believe we can make a real and permanent impact on our future. The results and revenue growth for the quarter and the year would indicate that we can.

Our earnings per share in the fourth quarter increased 43 percent to $0.60 from $0.42 last year. This was accomplished despite the head wind of a share count that increased 24 percent from the prior year due to our equity offering in October, shares issued for stock based compensation and acquisitions, and the impact of our share and price increase on the calculation of stock options and convertible notes. Needless to say, EBITDA, revenue and EPS were record for the company, and virtually every one of our segments had an outstanding performance.

As mentioned above, an important strategic initiative in the fourth quarter was our successful stock offering in October of $4.8 million shares, which raised about $232 million for us. These proceeds, combined with the cash we generated from operations, enabled us to exit the year with cash and equivalents of $360 million, which provides us with the financial strength to continue in hiring the best people and acquiring businesses that enhance our capabilities and geographical reach.

We have always said that a critical aspect of our business is obviously the hiring and retention of our people. We added over 150 revenue-generating employees in the fourth quarter, exiting the year with over 1,950 people, up from just under 1,600 a year ago. Our attrition was 15.8 percent for the year, which continues to be one of the lowest in the industry. With our aggressive hiring so far this year, today our head count stands at 2,800 strong with 2,200 billable.

Now for the segments – it’s ironic that having spent the last several years suggesting a more (abundant) restructuring market and declining to predict the “turn”. In the last few months, we have seen not only a change, but the financial landscape littered with over $1 trillion of write-offs from corporate and financial institutions, the firing of seven CEOs of major financial institutions, a precipitous drop in home sales and, for the first time in recent memory, home values, a 90 percent jump in home foreclosures in January, oil topping $100 a barrel for the first time, gasoline reaching $4 a gallon, the Euro at $51, and a dramatic increase in corporate bankruptcy fillings predicted by many sources to grow by at least fourfold this year.

We may have to acknowledge that the restructuring bankruptcy market is back. Now, surprisingly, given these dynamics, corporate finance restructuring reported its strongest performance of the year, which revenues increasing 27.2 percent to $73.6 million compared to $57.9 million in the prior year period. Segment EBITDA increased 48.1 percent to $22.4 million from segment EBITDA of $15.1 in the prior period, with margins expanding more than 4 points from 26 percent to 30.4 percent.

As we said, we can no longer explain these performances as an anomaly. We believe it is the beginning of a robust market. The (bottom) restructuring in one of my must-reads with The Deal Magazine, you heard me quoted and recommended to you many times for its league tables, industry insight articles and so forth. In fact, in its third quarter recap, it named FTI as the top crisis managing firm in its first ever league tables measuring just that skill set, with almost double the cases of our nearest competitor. And for our last conference call, Matt Miller, the excellent writer with a good sense of humor from that prime publication, took me to task in print for mentioning bankruptcy only one time and restructuring only eight times during the call.

For the record, let me say bankruptcy and restructuring are critical to our company and its performance over the next several years. I cannot emphasize that enough. We now have over 108 active cases, in the subprime mortgage space we have 20, in the real estate construction space we have 5, in retail we have 13, including the six of the last eight most notable cases that I mentioned. In technology and telecom we have 17, and in healthcare we have 10. Again, for the record, no one should be able to look at us and say that restructuring and bankruptcy are not an important and core competency for our company. As I said, we believe this is the beginning of a robust market, and restructuring and bankruptcy will be a key too.

With regard to strategic communications, we did report another outstanding quarter with revenue rising 47.4 percent to $60 million from $40.7 million a year ago. FD’s EBITDA increased to $16.2 million or 26.9 percent of revenue from $14.2 million or 34.8 percent of revenue last year. This reflects the introduction of a new bonus plan in 2007; whereas there was none in the fourth quarter of 2006, its first one as a part of FTI.

The UK, France, Germany and the U.S. put in strong performances due to growth in retained clients particularly in the UK, and strong contributions from businesses they have acquired during the year. Russia, Asia and in the Middle East, the markets in which they are investing, continued to generate strong momentum with growing profitability.

FD acquired two financial communications firms, one in Dublin and one in Chicago, in the fourth quarter, which, when combined with those made earlier in the year in London, Latin America, Australia and China, extended its global footprint and provided further geographical and service diversification as it also opened its first office in Singapore. The integration of FD with the rest of FTI is progressing very well, and there continues to be growing appreciation around the FTI network of the value FD brings to companies wishing to protect their reputations and valuations in the financial markets.

With respect to forensic and litigation consulting, revenue in FLC increased 6.9 percent to $54.8 million from $51.2 million a year ago. EBITDA at FLC was $15.4 million compared to EBITDA of $15.6 million last year. As a percentage of revenue, the segment’s fourth quarter EBITDA was 28.1 percent, the highest of the year, down from 30.5 percent in Q4 of ‘06.

It was a particularly difficult quarter to lap, as it compares to a period that was exceptionally strong due to all the stock options backdating cases that were being worked on last year, within a special emphasis to get them finished by year end, cramming a lot of work into the fourth quarter.

The global business intelligence and investigations practice, which was formed last year, was a standout driven by accelerated foreign corrupt practices activity, and a growing number of cross-border assignments from domestic clients expanding into Asia and Latin America.

We’re very optimistic about the prospects in 2008, as the global credit crisis and turmoil in the financial markets have started to provide multiple engagement openings as yet only in their initial stages. Issues involved include valuation of complex financial instruments, financial statement reporting, and investigations into business practices, all key areas of expertise for FTI. What’s more, our global footprint uniquely positions us to support clients on these matters regardless of where they occur.

In Technology, the segment – the segment contributed another superb quarter with revenue of $47.5 million, up 52 percent – 52.4 percent from $31.2 million a year ago. EBITDA technology increased the pace with 54 percent to 100 – $19.6 million from $12.7 last year, and margins expanded to 41.1 percent from 40.1 percent. Growth of the segment continued to be driven by global product liability matters, board initiated investigations including FCPA matters, large class actions, and antitrust second request issues.

Technology domain expertise in the global pharmaceutical financial services, banking hedge fund, and private equity industries is continuing to be a competitive advantage. Demand is increasing from Europe and Asia due to greater market awareness of FTI’s global presence, the opening of a European network operating center in quarter two, and as reputation for managing large and complex multinational cases.

Margins in the segment again benefited from a continuing shift in the revenue mix from services to software licensing and processing fees. The company’s Ringtail suite of products is benefiting from new capability enhancements and heightened demand for tailored solutions that can scale for high volume/high profile matters and support a global base of opportunities based on

Ringtail’s strong multi-lingual capabilities. In the fourth quarter, technology began to sell its Ringtail technology through value added resellers in domestic and international markets to speed its market penetration and get more geographical coverage. As a result of these new partnerships and by offering resellers both engineering and sales support to a broader prospect base, the segment is seeing accelerated demand from its partners.

Economic consulting also continues to excel, seeing its revenue increase 24.4 percent to 44.6 million from $35.8 million a year ago. EBITDA in econ increased 7.1 percent to $11.8 million from $11 million last year. Margins were 26.4 percent compared to 30.7 percent. EBITDA margin, while still very strong, was affected by the need to use outside consultants to add capacity to meet demand, and it was also affected by higher equity-based compensation expense. Like the other segments, econ benefited from an increased frequency of disputes and associated financial consolidated engagements, created by the turmoil of the global credit markets.

Since December 2007, the segment has received 19 new engagements in the financial arena, including subprime. Demand for the segment’s M&A services also continued very strong with 14 new cases since December, as decreased liquidity in the credit markets is causing a shift in M&A activity from private equity towards strategic buyers, who historically are more likely to contend with antitrust and anticompetitive issues and require registration. The increased corporate M&A activity extends across a number of business sectors notably financial services, hospitals, airlines and industrial corporations.

Finally, the segment is seeing an increasing volume of rail, commercial and regulatory work as a result of revised regulatory standards, and continued seeing strong demand resulting from antitrust enforcement with eight new engagements since December involving antitrust, price fixing and rate setting, as global competition becomes ever more jugular.

Now a snapshot of 2008 – as you can see from our announcement so far this year, we have begun the year at a rapid pace. Through the first two months, we have announced four acquisitions and have strategically advanced our business. Strategic Discovery is an e-discovery company based in San Francisco that will be integrated into our technology segment. FTI gives us a very strong technology offering on the West Coast. They have developed a rapidly growing business with Asia, and we see FTI serving as a bridge for us with Asia that extends our offering into that region.

In addition, their market strategy of engaging clients through corporate in-house counsels has been complimentary to ours, which has been to come into our client’s outside law firms. We think the combination of these two market strategies is compelling.

Rubino & McGeehin Consulting Group, based in Washington, DC, is a nationally recognized consulting firm that provides practical and cost-effective financial solutions to complex issues facing both owners and contractors in the construction and government contract area. RMCG will be integrated into our construction solutions and government contracts practice. We think it is a very timely acquisition, as the construction cycle is clearly maturing, and government contract complex issues are becoming more critical. And we will be positioned with the strongest and broadest capabilities to protect our clients in what could be a much more contentious and unfriendly business climate going forward.

Lastly, we purchased Thompson Market Services, which offers a full range of intellectual property and brand protection solutions in approximately 20 cities in China. TMS complements our existing computer forensic and financial investigations capabilities in Asia to give us greater coverage of China to better protect the patents, copyrights, trademarks and other intellectual property of our clients in that market.

Just minutes ago, we announced the acquisition of TSC Brazil, the leading computer forensic and IT security consultant in the Brazilian and greater South American marketplace. TSC will extend the e-discovery capabilities of our forensic litigation consultants into this large and dynamic market, where we are experiencing accelerating anti-money laundering and Foreign Corrupt Practices Act activity.

Even having closed these four acquisitions, our pipeline of potential opportunities has never been more robust, and we anticipate several more announcements over the balance of the first quarter. We have also been extremely active in increasing our outstanding pool of talent. FD, as I mentioned, opened an office in Singapore.

Denis Callaghan rejoined our economic consulting practice after serving as deputy assistant attorney general for economic analysis in the antitrust division of the United States Department of Justice, where he focused on rationalizing and looking at international aspects of anti-trust law. Professor Callaghan will be a member of the Compass-Lexicon economic consulting team, already the best group of competition economists in the market. His experience with antitrust regulators around the world will enhance our credibility in overseas markets and increase the likelihood of our being chosen for the most complex assignments in the field.

We have recruited, hired or promoted 22 new senior managing directors so far this year. As you know, we are dedicated to finding and retaining the best intellectual capital in the world. That is the way to build a professional services business.

And now I would like to talk about guidance. As you saw from our press release this afternoon, we’re providing our initial guidance for 2008, which I would like to go over with you. And as you can see in the release, we have consolidated our guidance into what we deem to be the key indicators of our corporate performance. This is how we think you should evaluate us; it’s how we think of the business. This format is also more consistent with best practices over a broad range of companies and industries. We will, however, continue to report our segments as we have in the past.

For the year, we look for revenue of between $1.28 billion and $1.32 billion, an increase of 27 percent to 31 percent over what we reported in 2007. The bottom end of this range anticipates organic growth of 17.5 percent, while the higher end uses 19.5 percent, reflecting stronger growth from the current global credit crisis. In addition to organic growth, we have factored in revenue of between $100 million and $120 million from acquisitions that we have announced so far this year or that are expected to be announced during the first quarter, and thus will contribute to the remaining three quarters of the year.

First quarter acquisitions in aggregate are expected to have annual revenue of approximately $120 million, EBITDA of $35 million, and a purchase price of $220 million, approximately $170 million of which was funded – was or will be funded in cash, and the balance in restricted stock. This implies acquisition multiples of 6.2 times, consistent with our objectives.

For 2008, due to accelerated amortization of backlog and other intangibles, some integration costs, and the fact that we will not have a full year of contribution, revenue contribution is expected to be between $100 million and $120 million, and the affect on EPS is expected to be between $0.12 and $0.16. For a normalized full year from these companies, we’d expect a contribution excluding acquisition related rapid amortization to be closer to $0.40. We expect EBITDA to be between $300 and $310 million, which represents an EBITDA margin of 23 percent to 24 percent compared to 21.6 percent in 2006. This margin improvement is primarily driven by the incremental contribution of acquisitions, which does not require proportional incremental overhead.

The lower end of our margin expectations reflects a small improvement over last year due to some operating leverage from the higher revenue and management of expenses. The higher end

would be a function of the stronger demand driving higher utilization and billing rates, and more operating leverage from the higher revenue. All this translates into earnings per share of $2.40 to $2.50 per share compared to $2 in 2007.

Our EPS guidance is predicated on a tax rate of 40 percent and weighted average shares outstanding of about 54 million shares for 2008, which is an increase of almost 20 percent over the 46 million shares for 2007. While we provide guidance on an annual basis, for those of you who have come to know FTI in the past year, I would like to remind you about the seasonality of our business, as it affects our quarterly results.

In brief, we experience seasonality in our businesses that affects primarily the first and fourth quarters. Additionally, we expect an overall improving trend in margins through the year, reflecting the contribution from acquisitions that are more profitable at the margin. The first quarter earnings typically are the lowest in the year, primarily due to front-end loaded expenses for such things as Social Security, 401(k) matches, discount on the employee stock purchase plan, and the timing difference between annual salary increases and associated billing rate adjustments.

Revenue is often somewhat below the robust fourth quarter. To help you in your modeling, we estimate that the first quarter EBITDA margin will be about 300 to 350 basis points below what we experienced for all of last year. The second quarter does not have any appreciable seasonality. So, it is an average quarter relative to the year. Q3 is also relatively average, except that it is subject in some cases to summer vacations in July and August, as well as lower utilization from the influx of recent college graduates, who joined us during the summer and have yet to become fully billable and fully utilized.

And finally, as you have seen in our most recent results, the fourth quarter is seasonally the strongest of the year. Those new hires who joined us in Q3 have become fully billable. We

received the benefits from an active M&A calendar on success fees, and there is a natural tendency on the part of our clients to try and resolve projects by year end. With this year-end activity, fourth quarter and the EBITDA margin is about 300 basis points higher than the full year.

To conclude, last Monday, we were fortunate to be named to the Wall Street Journal’s list of top 50 performing companies in terms of shareholder value for both the one year and tenure categories. We believe excellence is a matter of not producing once or twice but producing consistently. It is no accident that we continually admire great organizations like Goldman Sachs and McKenzie, where that we market with great organizations like the New York Yankees, Forbes Magazine, and The Economist. They consistently not only perform, but outperform, and that is our goal.

Over the past several years, we have been consciously building FTI into a company that we expect we will perform well regardless of where we are in the economic cycle. In 2006 and the first half of 2007, we reported strong results in a healthy business climate. We continue to do well through the second half of 2007, even as the equity and debt markets stumbled and cracks in the economy appeared. And we believe we will have another record year in 2008, when there are even more widespread signs of global dislocations. The fact is that there will always be risks, and we think we are uniquely structured to help our clients face and manage their risks on a continuing basis.

With that, we’d like to turn it over to questions.

Tobey Sommer:

Jack Dunn:

Tobey Sommer:

Jack Dunn:

Tobey Sommer:

Jack Dunn:

Operator:

Arnie Ursaner:

Jack Dunn:

Dennis Shaughnessy:

Arnie Ursaner:

Jack Dunn:

Dennis Shaughnessy:

Operator:

Brendt Sakakeeny:

Jack Dunn:

Brendt Sakakeeny:

Well, you know – this is Dom DiNapoli. When – with higher utilization, you know, margins can ramp up a bit. You know, we’ve put in place, as Jack mentioned, incentive plans and retention plans just to secure our top people. That’s cost us a little bit, but, you know, as we can keep our people busier as the assignments get larger, we can leverage them better; and with higher leverage, we’ll generate higher margins because it’s the younger professionals where we make the higher margins. So, you know, a more robust restructuring market should definitely lead to slightly higher margins than we’ve experienced in the recent past.

In addition, we’re moving from more of the TAS business, which is the transaction advisory, the (diligent) business, which, you know, historically has been a slightly lower margin than the restructuring business. So, just that – the movement from that practice into the core restructuring should help these margins a bit also.

You know, Brendt, I think the record margins that we showed in the last restructuring cycle were sort of in the low 40s. I think none of us here, you know, feel that we will replicate those margins. I think structurally, you know, the business is different as Dom said. You know, we’ve changed, you know, the way we compensate the people differently.

On the other hand, I think we’ve also said that this is the one area where we do believe if the utilization and, as Dom said, the jobs come in, you will continue to see margin expansion, but not at the record levels, you know, that you my have seen if you looked at us in the last big recycling cycle.

Well, in 2007, early on, we started in the automotive sector. And we had some of the largest cases that we have ever had, including Delphi, which was a tremendous bankruptcy and restructuring case. So, as consumer confidence started to wane away, you know, we spread into the other areas, as Jack mentioned. So, just recently that we’ve really seen a pick-up in the retail bankruptcies, Jack mentioned, we’ve been fortunate to get in about 15 to 16 in the – since – probably since September or October, several of which we got just in the last two weeks.

So, there’s a lot of pick-up there as the consumer is feeling the pinch of the higher energy cost and the housing prices plummeting. We’re going to see a lot more on the – certainly on the real estate side, the automotive side is going to continue, and the retail is – particularly the specialty retailers are really starting to feel the pain.

On the subprime and, you know, the financial institution-type work debts. I mean that’s really starting to pick up. We’ve been involved with some of the builders in the last – part of the last six months, but that looks like that may be accelerating also. So, you know, generally, the restructuring market is looking pretty strong going forward. We haven’t seen the mega cases that we’ve seen, you know, in prior years yet, and that really drives profitability to higher utilization. But we assume that the business – the market continues to deteriorate. We’d be seeing a lot more of the larger cases over the next six to nine months.

Andrew, we are saying a creep into hospitality as well. We recently received some engagements in the hospitality industry, restaurant chains, things like that. But again, right

through what Dom said, I think it’s linked to, you know, the consumer’s disposable income and the way he chooses to allocate it.

You know, we’d look over the course of the year to increase our head count by about 25 percent, but for an average, that will creep in over the year. It’s as we always say, it will be about 10 percent to 12 percent. And that’s how we get, you know, part of our estimates for our growth, because we do need, in many of our businesses, that type of head count growth to produce the billable hours.

As you can imagine, you know, two areas that standout are technology, where we have very aggressive hiring plans, and in restructuring. In FLC right now, we will try to temper that with what we see. That’s the growth in that marketplace that’s a little bit behind the others in terms of responding to the credit crisis bell.

And in terms of economic consulting, you know, we’ll take as many people as we can, but as you – as you consider that business because it tends to be, you know, very much a, you know, in terms – in terms of varied credential business, it’s not as easy to find the number of bodies when you’re looking for the Ph.D.s and economists out of the great university. So, that will be a little slower, but it will be as fast as we can at this point. As we talked earlier, we really do need the people there.

Well, it is a hybrid offering, and we actually think that a strength of the offering is the fact that it’s a mixture of technology offered services and domain expertise. You know, clearly, the repetitive nature of the business and that we’re now hosting a little bit more than a billion electronic pages in our network operating center in the U.S. and in the U.K. – I mean it’s sticky, you don’t have to replace it, the, you know, the fee licenses does keep recurring, the client server installed base licenses are recurring.

So, by definition, that just keeps building, and you should have some margin expansion. But the consulting will always be meaningful here. So, you’ll never morph into, you know, a classic gross profit margin for the technology business where, you know, your main costs are media, and then your other costs are marketing, packaging and R&D. So, I think you’re right. I think we would expect, you know, that you could see this division continue to show some margin improvement. But it wouldn’t be by leaps and bounds to get you up into the, you know, gross profit margin basis of a pure technology play.

Without a doubt, when you have a dynamic market like this, I mean Gartner and Forrester and Yankee all, you know, projected it’s growing marketwise worldwide at a 30 to 40 percent growth rate top line. You’re going to have new entrants coming in, and you’re going to have new competition, and I think that you have to be prepared, you know, to be flexible and to be aggressive in the way you’re investing in your product and scale.

I can assure you that we are investing aggressively in this division, given the margins that we have to keep our leadership position. We are adding new feature sets to our proprietary technology. We are partnering with other companies to link their technology into our feature sets, and we will be looking at these companies and other companies as a potential acquisition target to fall their technology under our tent and offer a broader continuum to the client to keep our lead.

And again, I think all of this rests upon the fact that we have five to six years of reputation of delivering tremendous results now across the world for wide variety of either key intermediaries, the large corporate law firms in the world, or Fortune 100-type of clients who were hosting all these pages for. And again, I have to emphasize that the hosting part of this business, where – when you are holding a billion pages of sensitive documents, you know, in Europe, Asia and the U.S. for very, very large clients. It is a very sticky relationship and is not a relationship that they’re inclined to move very quickly.

So, I – I’m sure we’ll see new competition coming in. We are hopeful that the investments that we’re making, the developments that our own people are making internally, you know, potential acquisitions that we could possibly add here to bolster it. And again, our reputation and client relationships here will hold us in good stead against the competition.

really control the commerce of the major – literally the major companies and enterprises of the world. There will be e-discovery companies out there that will serve the smaller firms that will be boutique and that individual practitioners will like.

But when you’re talking about the type of international matters that we use where you literally have to have an international capability, that really narrows the playing field and, as Dennis said, I think they’re more likely to be acquisition targets than they are to be a threat to us going forward.

Yes, I think, clearly, we told people that we have aspirations to be a $2 billion revenue business by 2012. We think we can accomplish that and maintain, you know, the same margins that we have and also maintain the integrity of our balance sheet. We would expect that you would see a business plan which we’re in – we are finishing up as we speak and we’ll actually announce, you know, into the marketplace probably sometime at the end of the second quarter, that will show that, you know, at that five-year – new five-year milestone, you would see probably instead of the, you know, 16 percent to 19 percent offshore business that we did last year, that number will most likely increase into the 30s.

So, that will be one of the major differences. But I would say $2 billion at 2012. That’s accomplished, really, through 11.5 percent compound organic growth rate and the acquisition of about $250 million in revenues in the first two years of the plan. As I said, we’ve already acquired about $220 million at the end of this quarter. So, we’re well on our way to that.

I think that, you know, we would continue doing those deals because we – if we can buy companies that tuck in very nicely to us and pay 6.2 to 7, you know, times doing EBITDA, you know, that’s a very accretive arbitrage for the shareholders, as well as, you know, building out our platform internationally and bringing in some new domain expertise domestically.

We are always looking, David, as you know I have talked about, you know, at larger deals, we’ve talked to people about larger deals. We are not afraid to do a larger deal. I think that, you know, it’s just that these were the ones that, in the last four months, are coming to fruition and it’s coincidental, in all honesty – is they happen to be closing, you know, sort of right on top of each other in the first quarter, but it does make an easier for us to model them and give you some guidance. But we’re, you know, we are looking at other large deals and we’d not be afraid to do one.

We didn’t give segment guidance for specifically that reason, especially because of – the credit crisis is really a perfect example. It’s affecting all of our divisions. We have people who are crossing over and doing work, and it just makes it very hard to do that. So, we think it’s much better to look at our company on an overall growth rate.

So, if we start just telling you corporate finance and just telling you technology, I guess we kind of undo what we’re thinking about. But I think that, you know, I think if you look at the fourth quarter, that was, you know, that gave a pretty healthy indication of where the momentum is in our different business.

I think, going to organic growth, you know, we are very busy. We have a lot of engagements, the engagements are picking up, not declining as Dom talked about on the restructuring side, and we talked about how sticky technology is per se. So that business doesn’t tend to reverse itself easily. It’s more sort of incremental.

FD is another good example, where first quarter, you know, again, tends to be a more stable quarter for them because it’s more of the work product-type of quarter rather than new company business. But they, again, are a retainer-based business, so most of their – most of their work is – they have good visibility on.

So, I would say, you know, we have pretty good visibility going forward. We are still an event-driven consultancy. So, you know, we, you know, we live and die with, you know, new engagements as they come forward. But given the technology portion of the tech business, the retainer portion of the FD business, and then of course simply the momentum that we’re seeing in some of our other businesses, we feel pretty good about the trajectory.

Right. And if you look at – across the practices, you’d like to think of an elephant hunter. So, the larger cases that often last longer. Now, you know, the big litigations done, they can settle at any time, but our experience is that, you know, these litigation cases and econ cases and the restructuring cases, they can last anywhere from, you know, three months to 24 months plus.

So, you know, they’ve given the momentum that we’ve got in the cases that we’ve got in-house over the last quarter. You know, we’re relatively comfortable that, you know, 2008 will be a pretty good year, and, you know, the cases aren’t going to be settled overnight. And given that the cases that have come in have been across all our practices, the risks of, you know, tremendous drop-offs are – all last (that long). You know, anything can happen.

They are – they are high-level testifying experts. They would be normally fairly well-known academics who are actively teaching. They would be working with our researchers, staffers, model builders, you know, who are doing the analysis, building the models, building the case, and they would be, you know, the ones who will be assisting sort of some of the rock stars, you know, in their testimony work, or they’re actually doing the testimony themselves.

Predominantly, right now, the demand for these individuals has been on our West Coast operations, so they have actually been somewhat West Coast centric. And yes, you know, we’re talking to them constantly about recruiting them, coming in, things like that.

Yes, I think – it’s Dennis again. I think that what – we will – we will continue to do that, and I think that what you’ll see is that the overall percentage of SG&A as a percentage of revenues will decline slightly. The actual spend on marketing brand building, you know, as a percentage of revenues, will be pretty constant. So, it will increase in absolute dollar, stay about at constant level for this year.

We just think it’s very important, especially building this platform overseas, that we continue to drive home, you know, the capabilities of the brand, the depth of the brand, and the reach of the brand. And so we can’t back offer, although we know we’ve got to keep the expense, you know, basically within the same proportions that we experienced last year.

OK, once again, I’d like to thank everyone for being with us. We wanted to use this time period to be able to give you some time to digest what was a fairly full and frank disclosure of all the things we have going on. We’re very optimistic for 2008, and we look forward to speaking with you after our first quarter results, if not before.

So with that, thank you very much, and we look forward to talking with you.