What you need to know about hiring an economic expert

expert witnessBy the 19th century, scientific advances meant that more trial evidence was beyond comprehension by the average juror. The expert witness became the instrument that could help jurors understand and interpret complex evidence. In the 1920s Frye v. United States set a higher standard for expert witness testimony, specifying that an expert’s analysis must be based on generally accepted principles and methodologies.

Since the 1993 Appellate Court ruling that set the Daubert standard, attorneys have been motivated to pay extra attention to the education, expertise and experience, and reputation of an economic expert witness.

University of North Carolina senior research fellow Dr. Andrew Brod says the question isn’t if attorneys can afford to use a forensic economist, but rather if they can afford not to use one. Below is an introduction to key characteristics an attorney should look for in an economic expert.

If is helpful if the expert has experience teaching, or is currently a professor. This should help the expert explain his or her methodology and findings and communicate clearly to a jury. He or she wants to present an expert report that appears to be objective. The economist should present testimony unbiased by the party that retained him or her.

You will want to ensure that your expert is personable. He or she should be likable and believable. You will also want to collaborate with an economist who is adaptable. Every case is different. An expert witness should be flexible and able to adjust his or her methodology to fit the case specifics.

Regarding the expert’s experience, diversity is a bonus, as there is value to working with someone who has provided litigation support to both defense and plaintiff attorneys. He or she should be skilled at offering focused testimony. The expert should stick to economics; he or she shouldn’t be dragged into commenting on things outside of his or her area of expertise.

The expert witness should have a range of economic knowledge. The economic expert should be able to do more than just calculate damages, but also assess regional and industry-specific economic conditions, perform business valuations, and assess economic impact studies.

 

Economic expert witnesses

Smith Economics Group

The Center for Forensic Economic Studies

EmployStats

ALM Experts

Economists Incorporated

 

J.R. Randall

J.R. Randall is an economist who resides in the Bay Area. He focuses his interest on range of economic topics. He has interest in deep sea fishing and art.