Business litigation comes in many forms. Businesses can be sued by clients, customers, vendors and be involved in class action lawsuits for a variety of reasons. Financial expert witnesses have the experience of their field combined with the experience of presenting their findings in a court of law. The expert can be the key to how the case is decided. Here are some of the advantages of using one.
Claim Analysis
A financial expert witness analyzes the claim and the financial report included in it. The expert should be able to understand what the report states and the economic implications to the business. This analysis can be critical during negotiations when a claimant wants a greater financial windfall than actually accrued. The expert relies on statistics and facts in their calculations. They examine the methodology used in the report for both parties and compare them to each other.
Document Review
The expert looks at all documentation prepared for the court as exhibits. They often ask questions about how the financial report was created and how the calculations were done. The amount of documentation that must be sifted through can be quite exhaustive. Often it is prudent to separate it from the regular discovery issued.
Claimed Loss
Having the expert evaluate any rebuttal financial reports can help the business determine any discrepancies between the two reports. The loss claimed by the prosecution may not line up with actual losses occurred. An effective expert helps communicate the findings to the attorneys who can better develop the case around the facts, statistics and any other related findings.
Using the right expert witnesses during your business litigation can save you money. One experienced in the financial field and court litigation can be a boon to your business during a lawsuit. The economic damages avoided often more than cover the cost of the expert testimony.