Due to the nature of the issues involved in corporate, LLC, and partnership disputes, the litigation of these disputes will nearly always require expert witnesses.
One common type of expert witness is on the issue of damages: what is the extent of the harm that can be attributed to the alleged wrongful conduct that is at issue in the dispute, and what is the impact of that harm? The valuation of a company or of a shareholder or LLC member’s interest also usually requires an expert.
Expert witnesses can play a valuable role in the outset of a case in a consulting capacity. They can educate the attorney on key financial documents to obtain, point to red flags that suggest fraud, theft, or embezzlement, and explain industry customs or standards at issue.
What are the key qualities we look for in experts? First, we look for superior expertise in the industry and the issues under discussion. The key explanations important to a judge and jury should come from the client, but an expert can supplement the client’s testimony, reinforce it, or support it from a different angle. Second, we look for the expert’s ability to explain, teach, and persuade. A great concept that can’t be explained will likely be ignored by the jury or the Judge.
Questions concerning industry standards, valuations specific to a particular industry, industry practices, or the value of certain technologies or business practices may arise. Having an expert witness to consult and, perhaps, testify about those issues can make or break a case.
To speak to one of our lawyers, get in touch with us at (312) 223-1699 or email Thomas E. Patterson at firstname.lastname@example.org for more advice and information.