Why an Economic Damages Expert is Crucial for Your Case

Many petitioners and even lawyers do not realize the importance of an economic damages expert until it is too late in their legal battle. This happens primarily because people grossly downplay their importance. More often than not, people hire an expert at a very late stage in a case or even worse, pick an expert who does not know what he is doing. But, how do you separate the wheat from the chaff? And even when you have done that, how do you make the most out of their expertise?

Do not overpay or underpay

Economic damages experts come with a variety of price tags. However, your lawyer should know when the price tag will make a difference. If you are looking for economic damages experts in case of financial issues like securities, then the expert will be costlier. It makes sense to pay them in such case because the corresponding damages would be higher. However, if you are fighting a case of legal dispute, you will find experts for a lower fee. Scour the market and explore your options before finalizing an expert.

An economic damages expert is best suited for a case where you have to predict how much losses you will incur in the future. However, if you only want expert advice on the past data and make a case out of it, go for a consultant and pay them hourly. This will ensure that you do not spend money where it is not necessary.

Be picky, very picky

As an economic damages expert can pretty much change the direction of the case you are fighting, it is important that you pick somebody who knows the ins and outs of the industry you are working in. You do not want an expert on your team for the heck of it. You are looking for someone who can tell you something that you already do not know and bring in a certain level of credibility to your side of the case. There are such experts out there, and you should hire only the best if you want good returns.

Personality Plays a Role

Let’s say you do hire an economic damages expert who does know what he/she is doing, but exudes zero confidence, cannot put their points across effectively, and do not even dress properly, you are in trouble. You should pick someone who knows how to articulate his/her thoughts well and put them across with absolute confidence. It is a fine line though. Many overtly confident experts are standing on just their credentials, and when they are in the limelight, they go bust. Check how the experts have performed on their recent cases, and make a sound choice.

ValuEconomics, Inc. provides expert opinions on damage expert witness, valuation of businesses and other economic and financial issues. for more information visit site http://www.valu-econ.com/