As a lawyer, you have accrued years of education, knowledge, and experience. In your area of legal practice, you’re an expert. And that same level of expertise of specialized knowledge, is what a financial expert can bring to any case with a more complex financial aspect. A good financial expert will not only have detailed and specialized education, but also considerable experience working alongside other professionals.
As early as possible. Too often, when an expert is retained late in the process, the financial information that has been compiled proves to be incomplete, disordered, and even irrelevant. Sorting through it can take considerable time—and it may even be too late to request an essential item. When financial experts are involved early, however, they will assist to ensure that the right questions are asked and the right information is provided the first time.
This largely depends on the file. However, at a minimum, a good financial expert will ensure that you request and receive the right information, determine exactly what that information means, and advise you of any discrepancies, inconsistencies, or questionable fiscal practices they uncover during their review. They will prepare a report appropriate for your case and provide expert witness testimony, if required.
Three words: objective, independent, competent. You should only hire an expert who fulfills all three criteria. He or she must be highly qualified and experienced and have an exemplary reputation. Most importantly, your expert must be completely independent of all parties involved in the case. If suitable for the file, consider a Chartered Business Valuator (CBV). Such a person should meet and exceed all three of these standards.
A CBV, after completing an academic degree, will have succeeded in a set of specialized courses of study, completed more than 1,500 hours of “articling,” and passed a rigorous membership examination. CBVs are also required to engage in continuing education and abide by a strict code of ethics and practice standards. Hiring a CBV will ensure that you receive a high standard of work from an expert with in-depth, specialized knowledge.
You don’t want to reach trial only to find that the expert you’ve hired cannot be qualified to give testimony in court. This goes back to objectivity, independence, and competency.
