Aside from proving your point, an expert financial witness can help you avoid being convicted of a criminal offense by providing independent opinions on the validity of financial transactions. In addition, their financial experts will assist you in proving the legitimacy of your client’s actions. But, the advantages of expert witness finance services outweigh the drawbacks. Here, we’ll discuss some of them. Read on to learn more.
Benefits of hiring an expert financial witness
Hiring an expert financial witness can benefit you in numerous ways. This specialist has expertise in many different areas of finance, including pension and purchase order finance and capital markets. An expert financial witness typically holds a license in several areas of finance. Some examples of such credentials include a broker, certified financial analyst, or investment banker. Other financial expert witnesses are lawyers, accountants, and economists. It means they can provide valuable insight into various financial aspects of a case.
An experienced expert witness can be a powerful weapon. Choosing the right expert witness for your case is important, so you need a highly qualified and credible one. Economic experts can help juries understand the impact of a particular policy or business decision. In addition to explaining how taxes and inflation affect the value of money, they can help the jury determine the number of damages owed. They can also explain how the time value of money works, which is crucial when calculating damages. Experts in these fields can quadruple proposed damages. Their insights can help ensure that the jury receives a fair judgment in the case.
Challenges of hiring an expert financial witness
While most legal cases involve financial matters, the use of financial experts in court has grown in recent years. However, challenges to the admissibility of financial expert testimony are not uncommon. Experience in the field is crucial. While accounting can be complicated, a good expert witness should have experience communicating with business owners. An expert financial witness with experience is unlikely to face these challenges, but they should be able to interpret complex financial terms in layman’s terms. Additionally, they should have experience communicating with small business owners. If you are unsure whether your case requires an expert financial witness, check their credentials.
Costs of hiring an expert financial witness
In cases involving complicated financial disputes, attorneys may choose to hire an expert financial witness. These witnesses are experienced in various areas of finance and have the knowledge to analyze financial records thoroughly. In addition, the financial expert witness’s job is to understand how businesses operate and compare those operations to industry standards.
Fees for expert witnesses vary. In contrast, one-third of respondents reported a general rate of about $300 per hour, and another third reported rate of between $300 and $400 per hour. The highest-end legal consulting shops typically charge thousands of dollars per hour. If you are going to hire an expert financial witness, make sure you have the necessary funds to pay the fee. If you don’t have enough money to pay the retainer, consider hiring a firm that offers discounted rates.