Wondering what type of experience economic expert witnesses should have? They have the word “expert” in their title, but are they truly experts in their field? Before we delve into the type of experience that they possess, let’s figure out what an expert witness is followed by an economic expert witness.
What is an Expert Witness?
The term “expert witness” describes a person who is called upon to testify during a trial due to his or her knowledge in a field that is relevant to a case. An expert witness is a person giving an opinion based on experience, knowledge, and expertise. Expert witnesses have a duty to provide independent, unbiased evidence to a court or tribunal.
Fact Witnesses vs Expert Witnesses
There are two major types of court witnesses: fact witnesses and expert witnesses. A fact witness may be referred to as an eyewitness or percipient witness. Fact witnesses will usually testify about things they have experienced, but they cannot give an opinion about a topic that requires special knowledge. However, an expert witness may testify as to her opinion based on her knowledge, skill, training, education, and experience. An expert’s opinion must be based on sufficient facts and data along with reliable methods.
What is an Economic Expert Witness?
An economic expert witness is a type of expert witness that has intense knowledge in the field of economics, usually a doctorate-level economist skilled at analyzing labor data and employment. He or she then provides recommendations based on his or her findings to the court or tribunal.
These experts can provide analyses concerning legislation or individual state labor laws. They may also work to accurately compute economic damages or recommend alternate strategies for mitigation.
What Type of Experience Should Economic Expert Witnesses Have?
Economic expert witnesses should be experienced in the following: business valuation, damage calculation, profit and loss, lost earnings, wages, and other aspects of business. They should have experience in cases related to pension losses, securities, wage dispute, statistics, economic forecasting, annuities, and cost analysis
New Versus Seasoned Economic Experts
An expert’s level of courtroom experience can impact the way they are perceived by a jury. One advantage of being an expert witness with little to no litigation experience is that the jury is less likely to view the expert as a “hired gun,” or an expert brought in to resolve complex problems or to lobby for a cause. However, there are instances when using a seasoned expert may be a wiser choice than a newer expert. The seasoned expert witness has seen it all; therefore, he or she is less likely to be intimidated during cross-examination.
A “new” expert economic witness versus a seasoned economic witness is not questioning whether one is more intelligible than the other, but rather questioning what type you need depending on your case. Regardless, both are experts in the field of economics and have earned their title of being experts in their fields with enough merit to present the facts to the court or tribunal.