The role of a forensic economist is to provide unbiased and objective opinion and guidance to the trier of fact. The expert economist prepares for a trial by developing an economic model and damage theory. They collect and analyze appropriate data, respond to questions challenging the expert’s opinions, and develop a model of damages based on various components. In addition to assisting the trier of fact, the role of a forensic economic expert witness NJ is to help the trier of facts decide the case. The purpose of hiring an expert does not necessarily influence the outcome of the trial.
Costs
Whether you’re a corporate counsel or a plaintiff, the costs of being a forensic economic expert witness can be high. Forensic accountants and economists provide invaluable expertise in financial crimes and other economic issues. Forensic economists and accountants are especially valuable in the context of governmental actions. For example, financial fraud allegations have increased in recent years, and the Internal Revenue Service has increased its focus on this issue during COVID-19. Expert witnesses often defend their clients during these cases and can be invaluable to lawyers and plaintiffs’ teams.
Typically, forensic economists analyze and evaluate damages issues related to personal injury and wrongful death cases. In addition, they may be asked to provide opinions on various legal matters relating to business valuation, asset valuation, and intellectual property. Depending on the case, these economists may provide an expert report or testimony in court, depositions, or arbitration. A forensic economist must know how to analyze various data and information to determine the cost of expert testimony.
Role
You might be called upon to testify in a courtroom as a forensic economist. In court, you would explain the economics of a claim and provide evidence to back it up. The role of a forensic economic expert witness may vary depending on the case and the economist’s expertise. In some cases, forensic economists may even be deposed without ever appearing in court.
Forensic economic experts are highly sought after in legal proceedings. They specialize in assessing and evaluating economic loss. These experts often analyze business valuation, lost earnings, and intellectual property, among other issues. Their experience includes numerous depositions in the US and abroad. They also conduct consulting in economics and provide research and analysis. Forensic economists are experts who provide economic analysis in litigation. These experts offer a wide range of economic services, including expert witness testimony and litigation support. In addition, they may offer business valuation or economic analysis. They are also known as financial economists.
Experience
Forensic economists provide specialized testimony in litigation concerning business, personal, and tax issues. Their services range from providing economic damage calculations to analyzing liabilities. They also analyze public policy issues and provide expert opinions on economic damage and unfair business practices. Experience is an important consideration when selecting an economic expert witness. A forensic economist’s knowledge of the law, the economy, and the application of economic theories are invaluable in various litigation settings.
Forensic economists can examine any business or individual’s financial situation to determine the extent of economic damage. They consider past and future economic conditions, including productivity, inflation, taxes, and the time value of money. They can also develop deposition lines of the question for the defense and opposition and serve as a bargaining chip for attorneys. Experience is crucial to a forensic economic expert witness’s testimony and can help you get the best verdict in your case.
