There are times when a business or an individual will need to call in an expert witness. While there are many types of expert witnesses, one of the most important to have on one’s side is a financial expert witness. Here are some of the best reasons to make sure one is on your side.
No matter whether you are the defendant or if you are the plaintiff, there will be many complex banking regulations which must be waded through. There are many loopholes which only a true expert in the field may be able to properly explain to both judge and jury. The expert witness will be up to date on all current statutes and laws which may be applicable to the situation at hand.
An expert witness will be able to analyze all pertinent and existing financial records to try and gauge what kind of situation you are in. Lawyers love to bring in expert witnesses because they have thorough understanding of very specific situations which can go a long way towards helping the defendant defend their case. If the client happens to any sort of a business owner, the financial expert can analyze their banking activities so that the lawyer has a complete understanding of the client’s business.
Due to the nature of finances, the expert witnesses who are called upon tend to be well-educated in a variety of specialties such as auditing, financial forecasting, corporate finances, budgeting, and public stock offerings. They can use their vast knowledge to ensure both client and lawyer are protected where it matters.
The issues which a financial expert is called upon to testify about can include a wide range of topics including acquisitions and mergers, patent valuation, credit analysis, financing, royalties and other sorts of revenue.
By hiring and utilizing a financial witness, it can quickly be determined exactly what state the client is in and how best to help them. Certain information can be gathered even before the discovery phase in certain business transactions so that neither the client nor the lawyer are caught unawares with possibly damaging information or data which may endanger the deal being completed.