In a case involving financial issues, an expert financial witness will use precise calculations to determine the damages and lost profits of the defendant. The loss, in this case, is typically monetary. These experts can determine whether the losses are permanent or temporary and will make recommendations on the type of damages incurred. They will also provide an assessment of the obligatory damages.

Experience

Hiring a financial expert witness is essential if your case involves financial issues. Although there are many types of financial experts, not all are equally qualified for the trial. A financial expert’s testimony can change the outcome of your case. A financial expert is an accountant, economist, or professional with extensive experience in a particular field.

An expert financial witness has over 15 years of experience in the financial industry. Experience includes depositions, arbitrations, and trial testimony. He has testified on issues involving financial databases, banks, and various types of finance. He has extensive experience in bank payment operations, including check/image clearing, teller and ATM deposit processing, float, and electronic payments. His background also includes consulting and financial services company experience.

Case experience

An expert financial witness will provide testimony in court based on data obtained through various methods, including observation, discovery, and a few assumptions. They will also rely on data from the relevant periods to support their conclusions. Those with case experience should be familiar with these three crucial dates chronologically. They should also demonstrate that they understand any given case’s financial and economic issues. 

In addition to gaining courtroom experience, a financial expert should have experience in the industry in question. Those with a background in finance are better equipped to make informed decisions on the content of depositions. A good financial expert witness will have years of experience working in the financial and banking industry. They should also have extensive experience as a consultant. If you’re facing a case where financial experts are consulted, you can benefit from their insights.

Retainer Fee

The most important aspect of a financial expert witness retainer is the amount of compensation. The retainer amount will depend on the type of expert, facts involved in the case, and length of litigation. A retainer for this type of expert should also specify a payment schedule. For example, suppose the attorney or client cannot afford to pay the entire retainer amount at once. In that case, they can specify a monthly payment schedule that is flexible enough to accommodate both parties.

Generally, a retainer is an agreed-upon amount held as collateral for regular billing. The retainer amount is offset against the last invoice when the case ends. However, an expert working with a law firm may be exempt from the retainer requirement if the payment is secured in advance. In addition, an attorney with a law firm can request a retainer without incurring additional fees, and a regulator is a safe payer.

Objectivity

Serving as an expert financial witness can be stressful, challenging, and even downright tough. Fortunately, some basic guidelines can make the process go more smoothly. 

An expert witness should summarize his range of opinions and the reasons for those opinions. Additionally, he should identify any points that contradict his opinions. Finally, he should state that he will inform the court and other parties of his findings. Objectivity is critical in financial expert witness testimony. However, he should not substitute his judgment for a financial expert. It is because it will undermine his objectivity and credibility.

Cost

The hourly rates of financial expert witnesses vary widely, but generally, the average rate for a single hour of work is between $300 and $400. This price may even be higher for an expert with a higher experience level. An expert witness’ fee may range from several hundred dollars to more than $1,500, depending on the industry and the number of depositions they have participated in. Most referral firms maintain statistics on how much an expert charges per hour.