Time to Hire an Economic-Damages Expert?

The saying “timing is everything” applies to litigation just as it applies to all other aspects of life. It rings true throughout the course of litigation­—and often includes the important decision of when to hire an economic-damages expert.

Every case does not necessarily require you to retain an economic-damages consultant for the benefit of your client. For instance, a top gun may not be needed for those cases in which the economic damages claimed are low in amount or easily calculated. However, even in the most straightforward litigation, an economic-damages ace can provide great assistance in developing your case.

Sooner IS A SAFER BET

Whether the case is straightforward or complex, an economic-damages expert can play an integral role in effectively developing your case pre-trial and the manner in which it is presented to the trier of fact. The right professional can provide critical assistance in identifying potential damage issues of which you and the client may not be aware—and in developing winning strategies to further the client’s interests.

Further, as a result of tort-reform caps on non-economic damages, economic damages have been thrust into a position of increasing prominence in many litigation matters.

When faced with the question of when to hire the economic-damages expert, a winning litigation strategy points to hiring him or her sooner, rather than later. 

At the Outset of Litigation

Hiring someone well-versed in economic damages during the early stages of litigation should allow you and the insured ample opportunity to accurately and efficiently develop damage theories, as well as provide an edge in identifying, managing and defending against possible damage theories that your opponent intends to advance.

This early assessment may also provide valuable assistance with respect to exploring settlement options before significant sums of time, money and energy are invested in the litigation process.

During the Discovery Phase of Litigation

Bringing in an economic-damages expert at the outset of the discovery phase of litigation should greatly assist you in developing a purposeful and productive discovery strategy, one that is concentrated on bringing about the best possible result for the client.

An economic-damages pro should be capable of assisting you and the insured in focusing discovery efforts toward the heart of the economic-damages issues at hand and should also provide critical advice on how best to prepare and respond to discovery requests focused on the economic damages of your client’s case.

The Outset of Settlement Activities

Employing an economic-damages expert at the outset of settlement activities should translate into your being better equipped to tackle and drive the direction of pre-trial settlement activities, such as mediation and settlement negotiations.

During these stages of litigation, an expert can provide you and your client with significant assistance in analyzing your opponent’s economic-damages claims as well as a credible evaluation of the value—or lack thereof—of the claim so you and the client can determine how to handle pre-trial settlement activities.

When making the determination of when to hire an economic-damages expert, it’s better to be proactive instead of reactive. Waiting until the late stages of litigation to add one to your team could result in higher litigation costs to you and the client—and in a worst-case scenario, this could result in a loss when a win was achievable.