Litigation Services Handbook: The Role of the Financial Expert, 5th Edition

Chapter 1

A Dispute Resolution Primer^*

David P. HoffmanDaniel G. LentzRoman L. Weil

1.1 Introduction

(a) Rationale for the Book

Anyone who considers undertaking the role of financial expert will find this book valuable. It will help experienced practitioners stay abreast of current methods and case law and will guide them in other areas in which they can apply their experience.

This book is a current reference for certified public accountants (CPAs) and other financial experts involved in typical litigation cases and includes technical approaches and case-specific tools in use today. Although not exhaustive on any topic, it addresses the roles that financial experts play in litigation in commonly encountered cases. We incorporate advice from practitioners with extensive experience in litigation services.

(b) Expert Opinions and Admissibility: The Rules of the Road

Over time, the role of experts has expanded in the American legal system. Originally, courts allowed expert testimony only when the facts became too complex for an average juror to understand and no expert could express an opinion on the ultimate issue. The Federal Rules of Evidence have liberalized this and other rules applying to experts, thereby increasing their use. Rule 702, Testimony by Experts, states:

If scientific, technical, or other specialized knowledge will assist the trier of fact to understand the evidence or to determine a fact in issue, a witness qualified as an expert by knowledge, skill, experience, ...