Economic Expert Witness

A witness is not an advisor or consultant, but someone who testifies i.e. who offers what the law regards as “evidence.” The law uses the term rather narrowly. It involves economic considerations, that go to shape legal doctrine for example to determine whether negligence or strict liability shall be the legal regime for some class of accidents, or whether tying agreements shall be illegal, or whether a contribution to a spouse’s human capital shall be considered property in a divorce proceeding, or whether punitive damages shall ever be awarded in a case of an efficient breach of contract. These considered questions to be decided by taking testimony and testing its accuracy by cross examination, but by reference to general considerations of law and policy.

Improvement of skills is the key to being an effective expert witness. In addition, the most effective business development technique any expert witness can pursue is to generate positive word of mouth and repeat business. Expert witnessing is also often a “one strike and you are out” proposition. If an expert performs poorly on a case, the word will spread and this one bad performance all too often becomes a career ender.

Economic experts are valuable resources for both plaintiff and defense attorneys in presenting the facts of the case. An effective economic expert can testify, provide litigation support, and educate you on the economic issues of your case.

 An economic expert witness can help you help your clients by:

• Focusing on the magnitude of damages as an important part of your case strategy.
• Calculating economic losses, including wages, profits, benefits, stock options, household services, and future medical costs;
• Estimating future damages, discounted to today’s dollars;
• Critiquing your opponent’s expert report;
• Appropriately adjusting for personal consumption or taxes;

Economic expert witness can identify and measure past and future economic losses in the following:

• Anti-trust and patent infringement matters.
• Lost profits, business interruption, and business valuation;
• Personal injury, wrongful death and wrongful termination matters;

Economic experts prepare expert reports, testify on economic damages, and provide consulting services. 

Experienced economic expert can advise you on:

• how to provide reports regarding lost earnings, lost profits, and economic research
• provision of expert witness testimony on production economics, commercial damages, cost performance issues, cost structures, and transfer pricing, as well as related topics
• Effective demonstrative evidence to help establish the damages amount;
• Deposition and interrogatory economic questions;
• Your strategy in settlement or trial on the credible amount of damages.
• Managing your client’s expectations regarding the magnitude of the damages;
• Signaling your opponent that their expert’s opinions and assumptions will not go unchallenged;

The economic expert's involvement during discovery may be critical to the development of facts and strategy cases. Expert need time to learn the facts, point out the strengths and weaknesses the case and prepare a report or critique that is focused, objective and, most importantly, credible.