5 Tips For Litigators to Retain Rigor by Using Lost Profits Experts
A business dispute is complex and often complicated. Pleadings, discovery, trial, and appeal each demand much of a litigator’s time. The use of a lost profits expert could liberate the litigator to plan and perform with rigor and responsiveness by reducing many time demands.
A lost profits expert is an experienced accountant, appraiser, or academic with expertise in quantifying financial harm in business disputes. Such experience includes fluency in all things financial – including financial dialect, data, and documents. Such harm includes lost profits, lost value or, say, a trademark or copyright infringer’s profits.
Consider the following tips for using a lost profits expert:
- Plead collaboratively. Address with ardor whether and how the basic business factors of people-systems-process-product are impacted. Use your lost profits expert to gauge the economic reality of the contemplated claim. The litigant will appreciate access to financial acumen early in the matter.
- Discover synergy. Shift your time from synthesizing to evaluating financial demands. Direct your lost profits expert to suggest the financial demand dialect. You will also ensure accuracy and unambiguously demanded financial data and documents.
- Exploit demand delays. Alter to your advantage the financial document delays which burden so many matters. Invite your lost profits expert to assess, monitor, and continuously document the inadequacy or incompetence of your opponent’s production.
- Delegate to defend. Gain the litigant’s favor by delegating financial questions. Showcase your lost profits expert who “speaks the same language” as the litigant’s financial staff, and will liaison between you and your client.
- Focus fearlessly. Outsource financial thinking and single-task on legal strategy. Empower your lost profits expert as an accountable team-member, not a doer of tasks.
These tips will help to reduce time demands, and retain the rigor litigants expect of their litigator.
ABOUT THE AUTHOR:
Rosenfarb LLC is a firm of leading forensic accounting, valuation and economic professionals that offers financial expertise in litigation, valuation, and investigation to the legal, business, and not-for-profit communities. If you would like more information about this topic or the firm, please email Roman at firstname.lastname@example.org.