The Importance of Hiring an Economic Witness Expert
Most economic expert witnesses hold a degree of up to a doctorate level economist and are often skilled to analyse employment and labor data and provide recommendations based on their research. So it is very important to understand different aspects of your case concept to where these economic experts can contribute crucial professional guidance. Oftentimes, aside from being a witness, they also evaluate the merits of claims or class certification. Various cases will be handled from employment discrimination to compensation identity theft and copyright infringement.
At the center of a large number of lawsuits lies one main factor in most court battles, the money. From personal injury outrageous matters to business controversy, an economic expert witness can provide momentous support to a lawyer’s viewpoint when dealing with financial claims. Equipped with professional knowledge, they serve as a key witness to calculate the damages due to accidents, wage disputes, lost earnings, and other financial complexes that includes securities and stock forecasting.
Economic witness expert is the sole instrument to develop a case theory for any concern that involves monetary damages. He can supply his assistance to the attorney’s understanding of how the damages can fluctuate with productivity, inflation, taxes, duration of loss and time monetary value. In the place of the complainant, such controversy will result in a claim of quadruple times from the proposed damage amounts. This will acclaim a reputable amount of payment in a long term picture of monetary damages and ensure that the clients will receive fair trial.
This knowledge will cover and value most of the case handled by a lawyer in which a retaining contract of an economic expert is very essential. In addition, these economic experts can easily segregate appropriate employment and hiring data and include factors such as employee’s seniority, level of experience and training and career flexibility. So much more from his knowledge in economic analysis, these economic witness experts can also interpret and familiarize several laws such as federal equal pay act, fair labor standard act or individual state labor laws. Hiring the employment of these economic witness experts is very crucial to the clients for some following factors.
Another important benefit that this economic expert witness offers is valuable testimony on very complicated financial disputes for corporations. On business issues, this economic expert can also examine and testify several company’s internal data. Aside from company’s assets and liabilities, these economic witness experts can also scrutinize past and future business outcomes such as markets and economic conditions. To effectively strengthen the case in a tangled internal corporate affairs, the economic expert will present a strong evidence from an impressive credential to supply the validity of your argument.
Indeed, the determination of the truth behind economic damages and profit loss is not an easy task for a lawyer. For these scenarios, a professional economic expert witness with suitable knowledge of financial experience is a very valuable means to provide a strong defense in a court battle. Undoubtedly, litigators can be very confident in every economic expert witness to make a case a successful one.