Whether you need an economist, financial analyst, or other finance specialists, hiring a finance expert witness is a smart move. These experts have the requisite experience, and they are also objective. There are several things to look for when choosing one, including expertise and objectivity. Also, find out how much a finance expert will cost and whether it will be worth the expense. Read on to learn more about this field.
In addition to their extensive legal experience, finance expert witnesses also offer clients invaluable insight into the world of financial services. SEDA Experts provides financial consulting, data analytics, valuation, and expert witness services. Our finance expert witness has extensive experience in the industry, having worked for over 30 years in senior management roles at some of the world’s leading financial institutions. In addition, our financial experts bring real-world economic principles to bear in complex financial challenges, and we have successfully engaged in hundreds of cases.
Forensic accounting, business valuation, and damages analysis are key areas of expertise for this industry-focused expert. His experience includes forensic accounting and litigation support. He is also an independent director of a business advisory firm. His practice encompasses various financial modeling tools and services, and he has testified in numerous lawsuits for major financial institutions. In addition, he serves as a financial adviser to debtors, bank groups, and creditor committees. He is admitted to the Utah and Hawaii Bar Associations, and he regularly performs fact-finding assistance, business valuation, and loss-and-wage computations.
The objectivity of a finance expert witness is often questioned when the expert’s financial expertise may be biased in favor of the client. Credentialed professionals must abide by ethical standards and maintain objectivity when serving as expert witnesses. Unfortunately, these cases often lead to wildly divergent conclusions.
Whether or not an expert witness is interested in the case it’s a matter of preference. Where the experts are neutral, they should consider other options that the parties may not have evaluated. In some cases, the expert witness should inform the client of their decision or withdraw from the case.
Questions to ask an opposing expert
A deposition is the most crucial piece of testimony in a lawsuit, and a successful expert witness deposition can have many consequences for the case. Here are some questions to ask opposing finance experts to ensure a successful deposit. An adjunct professor at the University of Southern California Gould School of Law has conducted more than 1,000 depositions and is an expert witness.
If you’re unsure whether an expert is qualified to testify, ask other attorneys in the same field for recommendations. It’s also essential to confirm the expert is a member of any professional association or organization and get their application to organizations. Finally, check their credentials with the state regulatory body.
Cost of hiring a finance expert witness
The cost of hiring a finance expert witness varies depending on the industry. Many experts bill on an hourly basis. This is higher if more than one expert is required. For example, a forensic accountant may charge up to $50k per expert. This range may vary depending on the case and industry.
If the court requires an expert witness to testify in a particular case, the lawyer should carefully scrutinize the retainer and payment arrangement. Without a clear understanding of the payment terms, a case can be lost. Expert witnesses should be paid a reasonable retainer before starting work. Most lawyers will not agree to waive a retainer requirement if they work for a law firm. However, there are cases where a lawyer is willing to pay a retainer for an expert witness.