Why do attorneys hire economic experts?
Why hire an economic expert when online resources can help attorneys calculate a reasonably reliable estimate of damages? The answer involves exploring the multi-faceted role that forensic economists play in cases that involve alleged damages.
Economic experts have the insight to be able to advise attorneys on legal strategies. This can include, in early stages of a case, helping an attorney decide if a case is worth pursuing, or later in a case, determine within what spectrum a reasonable settlement might fall. If a case proceeds to trial, economic experts often help attorneys critique opposing expert reports and also prepare them to cross-examine opposing economists.
Forensic economists can perform an ‘objective’ analysis. Many experts have academic backgrounds or are currently still teaching or researching in a university setting. This allows juries to hear what a testifying economist has found in his or her analysis, without dismissing the witness as a mouthpiece for the attorney.
A forensic economist is able to expertly analyze a data set in a way that allows them to see things an attorney might miss. Tax documents and financial statements, industry and business-specific information, stocks, medical reports…these is all information that economic experts are comfortable analyzing and incorporating into their calculations.
Just as important as an economic expert’s ability to work with existing information, is his or her choice of reasonable assumptions to fill in the gaps. When attorneys hire a forensic economists, they can rest assured that reliable sources for data have been selected, from government and industry data to inflation rates that can greatly impact alleged damages in a case.
Finally, economic experts can communicate their findings clearly and concisely to a jury. Forensic economists are just just experts in analyzing economic data, but also expressing complex ideas in simple, accessible language. During testimony, expert witnesses are also experienced in answering only the specific questions they are asked.
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