Just about every lawsuit or litigation proceeding revolves around money in some way. It is interesting that, in spite of this, lawyers don’t use a financial expert witness as much as you might think because they don’t see the true value in them. There are some misconceptions about financial expert witnesses that would increase their use if cleared up.
Common Misconceptions About Financial Expert Witnesses
– The plaintiff understands what they have lost – You would think that the person that has suffered damages would be the best source of information on their own losses but this is not always the case. For instance, can a person truly be rational when they have been wronged in some way? Usually, Plaintiffs think they are owed more than they are.
Also, someone bringing forth a lawsuit is a layman when it comes to finances. They may have lost out on money in ways that they don’t even realize. Because of this, a financial witness can be a benefit to both the plaintiff and the defendant in a lawsuit.
– You can only claim cash losses – You have to consider much more than out-of-pocket expenses when you are entering a lawsuit, especially when it comes to irreplaceable premiums.
– Juries understand losses – Many are under the impression that losses can fully understand in jury trials. This couldn’t be farther from the truth. An expert witness is a great resource for explaining financial losses to a jury in full in a clear way that they can understand. Most people called for jury duty have no experience with finance, so how could they fully understand what’s going on in an employment or personal injury case?
– Experts are partial – Some people don’t trust experts because they feel that they will twist the facts to favor the side that hired them. This is something only a person that has no experience working in law. The only way that an expert could work in favor of their side is by being conservative in their estimations, not by completely changing numbers. This could lead to a huge punishment if caught.
An expert witness can be a vital tool in a legal proceeding because they have the knowledge to accurately assess estimate damages. This is something that most law professionals can’t do. Don’t be misled by the myths you have heard surrounding them.