A finance expert witness is a great resource for a variety of situations. For example, these experts can help you calculate damages, prove that your wrongful termination caused a financial injury, and establish the extent of your damages. They may be accountants or economists, or both. Whatever your case requires, a finance expert witness can help you win the case.
When hiring a finance expert witness, there are several things to look for. First, financial experts should be transparent about any assumptions they make. Second, they should use sufficient, reliable data, and they should have prior expert testimony. Finally, they should communicate well. Failure to communicate properly can lead to oversight. For example, obtaining the correct number is useless if you cannot explain how you got there.
They should obtain and use sufficient, relevant, and reliable data
Finance Expert Witnesses need to obtain and use sufficient, relevant, and reliable information when presenting their testimony in court. This data can help the finance expert witness determine the correct value, amount, or number. The data obtained should come from a reputable source and should not be derived from personal knowledge or opinion.
The most common grounds for excluding an expert financial witness involve failing to obtain and use sufficient, relevant, and reliable information. The underlying principle is that an expert must be able to make an educated, unbiased determination on a subject that has substantial interest to the parties. Although these cases can be difficult to avoid, some guidelines can help finance experts avoid being excluded.
They should obtain and use prior expert testimony
A finance expert can play an important role in a litigation proceeding. The objective nature of this expert’s testimony can give the court an unbiased view of the issues. This expert’s testimony is crucial to a client’s credibility. This expert’s testimony should be based on sufficient facts and data, and their methods should be reliable.
A financial expert must be objective and honest with clients and the court. Otherwise, the court will not see the expert’s testimony as useful. The financial expert should break the issues into component issues, determine their basic assumptions, and constructively present the information. This is especially important in litigation, where an expert’s presentation can make the difference between losing and winning the case.
Before retaining an expert witness, you should determine whether the expert has prior experience in similar matters. Obtaining prior testimony helps you avoid a potential conflict of interest. It helps avoid any surprises during the deposition and can help prevent attempts to prove bias by the opposing side. In addition, it is useful to review the expert’s past publications, deposition transcripts, and trial testimony.
An expert’s fees can often become expensive, so the attorney should take steps to limit the expert’s fee. A good attorney will avoid overcharging for expert testimony and reorganize their firm’s schedule around the experts.
Financial experts should disclose all material facts and assumptions
Assumptions are a significant part of the financial expert’s report and must be disclosed to the court. While the financial expert may adopt certain assumptions that counsel provides, he must disclose all facts that may differ. These differences can have a direct bearing on the damages awarded. The following case study highlights some areas where reasonable assumptions must be disclosed.
