The financial expert should accept each project in compliance with an internal policy on client and engagement acceptance. Once engaged, the financial expert should obtain information that is mission-critical for the successful completion of assignments. In many cases, this information can only be acquired through conversations with the client and client attorney. In addition, the financial expert serving as an expert witness needs to be particularly cautious about the methods used and documentation prepared while gathering this important information.
Entering into an engagement to serve as a financial expert in litigation or alternative dispute proceedings requires a solid understanding about the key types of communications typically expected. Prior to beginning any work, the financial expert must complete a conflict check and communicate the results to the prospective client. If selected to serve as the financial expert by the prospect, the financial expert will then communicate official client and engagement acceptance, or decline the work as deemed appropriate. Formal client and engagement acceptance is typically followed by a written engagement letter that may be executed by the financial expert, the client attorney, and an authorized legal representative of the underlying client.