How Do Financial Expert Witnesses Prepare Their Report?

How do financial expert witnesses prepare their reports? Financial expert witnesses are communicators as well as specialists in their industry. Even the most technically accomplished professionals sometimes fall flat on their faces when communicating their conclusions clearly and succinctly. It must be communicated verbally and in writing to the client, the opposing attorney, and the fact-finder. The ability to communicate clearly distinguishes technicians from financial expert witness. The following sections in the article are advice on organizing your report, preparing for the deposition, and preparing for a deposition. 

Preparing the report for trial

In business litigation, financial expert evidence is a staple. It discloses the financial expert’s opinions about issues and facts in dispute. However, preparing the report for trial requires specific skills and knowledge. 

Bring aids: To avoid legal problems, the expert should bring a list of their opinions and other items to support them. While this may pose a potential risk to opposing counsel, the benefits far outweigh the risks. In addition, the expert should touch each piece of paper in the case file, which will help familiarize the expert with the case file and identify any extraneous information.

Develop a good relationship with the lead attorney. The lead attorney will need to understand the scope of the expert’s role and limitations, and they will need to agree on the best way to reach their objectives. As early as possible, the expert and the attorney should spend ample time discussing the case’s facts, legal issues, and basic litigation strategies. In addition, they should discuss any new developments or changes that have occurred since the expert’s last report.

Organizing the report

When writing a financial expert witness report, it is essential to summarize the most important information and analyze the most technical aspects of the case. You should summarize the results of multiple calculations and reference them cumulatively and incrementally. Clearly explain your conclusions and reference your calculations to the opposing counsel and trier of fact. If you are not a lawyer, consider contacting an economic damage advisory service for guidance. A highly qualified financial expert witness will be able to explain the calculations in the simplest manner possible.

Whether you are writing a report for litigation or a courtroom, financial expert witnesses must be clear and concise about their findings. Even if they are technically proficient, they will fall flat if they fail to communicate those findings clearly. As an expert witness, you must know how to communicate your findings in writing, verbally, or in person. Lack of clarity or communication can separate an expert financial witness from a technical expert.

Preparing for the deposition

The first step to getting the most out of an expert witness’ testimony is understanding their background and role in the case. A thorough understanding of the expert’s background and bias will help ensure that the deposition goes smoothly. A comprehensive briefing on the law and procedure should also be included.

Financial experts should bring copies of all relevant documents and correspondence during the deposition. It’s best to bring these documents to the deposition as they’ll help the expert articulate their opinions. In addition, financial experts should touch each piece of paper in their file. It helps them familiarize themselves with the file and weed out any extraneous information that could hurt their credibility.