Attorneys: Why should you consider retaining a financial expert or litigation consultant?

Whether you’re handling a commercial dispute for a business client or assisting a high-net-worth individual in divorce proceedings, preparation for arbitration or trial can require the need to analyze substantial amounts of accounting data so you can draw an accurate financial picture to build your case. And in this world of increasingly complex litigation, it’s increasingly challenging for attorneys to do it all.

By working with a litigation consulting team and financial experts, including forensic accountants, fraud examiners, and tax professionals, you can effectively evaluate your complex cases.

What issues can financial experts and litigation consultants help attorneys understand?

Financial experts and litigation support consultants can help attorneys, their clients, and the courts understand a variety of financial issues related to contract related disputes, fraud and embezzlement, family law, intellectual property infringement, corporate dissolution, dissenting shareholder-related disputes, personal injury, wrongful death and other types of legal matters.

These issues may include:

• Fraud and other financial investigations,
• Economic damages,
• Business valuations, and
• Matrimonial forensics.

What role do financial experts and litigation consultants play in litigation?

Financial experts bring their specialized skills, knowledge, expertise, and training to assist parties involved in legal disputes. They provide testimony on specialized financial matters, aiding the factfinder in comprehending complex concepts like lost profits, lost business value, or disgorgement of profits. Acting as a bridge, financial experts can simplify these complex financial concepts for the factfinder.

Financial experts and litigation support consultants possess the ability to examine and analyze financial documents, assess and calculate economic damages, reconstruct financial records, unveil concealed or missing information, offer expert testimony, and provide a broad range of other valuable services.

Additionally, financial experts and litigation consultants can provide financial related discovery assistance, such as assistance with questions for interrogatories, drafting production requests, and assisting with the depositions of fact witnesses and opposing experts.

What’s the difference between a consulting and testifying expert?

According to the American Bar Association, “A consulting expert has been retained or consulted with by a party in anticipation of litigation or trial, but who will not testify at trial. A testifying expert, on the other hand, may be used at trial to present evidence.” In addition, a key difference is that typically, information regarding consulting experts is not subject to discovery, whereas testifying experts are revealed to the opposing party and actively participate in pre-trial discovery processes.

Why should you consider engaging Kaufman Rossin’s litigation consulting team?

Nearly half (44%) of the corporate counsel respondents in the 2023 Annual Litigation Trends Survey expect lawsuits to increase in the coming year. Your firm and your clients will need support managing increasing litigation matters.

With Kaufman Rossin’s financial experts and litigation consultants, you can expect direct partner involvement throughout the entire engagement. You can also expect collaboration among our many service lines and industry groups. This approach ensures that we have the necessary expertise required and that decisions are made in a more effective and strategic manner, resulting in a fully transparent and seamless client experience.

We are confident that we have the integrity, expertise, technical ability, enthusiasm and commitment to deliver the professional services you require.

To discover the full extent of how Kaufman Rossin’s forensic, advisory, and valuation team can assist you with your next case, we encourage you to contact them today.