Reducing Client Costs in Civil Litigation

Demystifying Valuation, Economic Damages + Forensic Accounting

Prohibitive costs and excessive delays risk failure of the civil justice system to provide parties with a speedy, inexpensive and just determination in civil actions, goals set forth in Rule One of the Federal Rules of Civil Procedure and most state rules. The Forensic and Valuation Services (FVS) Executive Committee of the American Institute of Certified Public Accounts recently partnered with the Institute for the Advancement of the American Legal System (IAALS) at the University of Denver and offered five recommendations to maximize the effectiveness of financial experts and efficiency of their use in the civil pretrial process. The recommendations are published in “Another Voice: Financial Experts on Reducing Client Costs in Civil Litigation.”

The five recommendations are summarized as follows:

• Judges should implement early and consistent active case management
• Clients and attorneys should involve experts early in the process
• Attorneys should target, focus and streamline expert depositions and discovery
• Attorneys’ Daubert-like challenges should be appropriately targeted and acted upon promptly by the Court
• Attorneys and the Court should develop a process for the collaboration and cooperation of opposing experts where appropriate

To read the full report click on the link below.

http://www.aicpa.org/InterestAreas/ForensicAndValuation/NewsAndPublications/DownloadableDocuments/FVS%20Consulting%20Digest%20November%20Issue%202012.pdf

Steve Koons, CPA, ABV, ASA, CFF