Determining Economic Fallout – Forensic Economic Experts

The economic fallout of COVID-19 has had wide-ranging ramifications across industries. Many businesses are now facing trials or hearings due to mass layoffs and accusations of mismanagement. The courts are charged with determining overall losses and economic fallout from decisions made prior to or during the pandemic.

Businesses must cut their losses and secure favorable results from any trials they might be involved in. Out of all the tools available, forensic economic experts can be quite helpful to companies who need to sway court opinion to their sides.

How Decisions Are Reached During Business and Corporate Trials

Any business or corporate trial involving significant economic damage or fallout will focus on a number of key factors:

• Raw facts and data gathered from official company resources

• Eyewitness or client testimonials – these are often more emotional than factual

• Expert testimony from forensic economic experts

The last point here is where many businesses can stand to affect the overall outcome of any hearings or trials should they have forensic economic experts on their side. It’s important to prioritize getting exceptional forensic economic witnesses for your upcoming case if you want the outcome to be in your favor.

Court cases can negatively affect businesses by determining how much they may owe to clients or customers, their future business prospects, levying fines or fees, and more. This is becoming even more common due to COVID-19, which has had terrible ramifications for thousands of companies.

The Roles of Forensic Economic Witnesses

A forensic economic expert is a type of witness that can:

• evaluate the income and other aspects of a business

• analyze how a business performed

• assess and analyze opposing expert testimony and opinions

• provide expert witness testimony for their client

• recommend various strategies for both depositions and cross-examinations

These experts are highly skilled at taking raw economic data from a business and reconstructing events or blame. They can show how a business spent money frivolously or responsibly, indicate how much economic damage may or may not have been a company’s fault, and more. This is why any corporate trial usually involves several forensic economic witnesses on both sides of the case.

Obtaining Expert Forensic Economic Witnesses

However, forensic economic witnesses aren’t just hirable employees; they’re experts with their own histories in the field. This is why organizations like The Knowles Group are so valuable to businesses looking to shore up their defenses against baseless accusations in the wake of COVID-19.

This company can provide expert witness testimony for state and federal legal cases. Forensic economic witnesses are included in the experts they offer. Their forensic economic witnesses can take highly complex financial issues and explain them in much more understandable terms and concepts for laymen or juries. This can prove to be an invaluable asset in any court case that involves complex economic or financial topics that are not easily explainable by attorneys.

Ultimately, organizations or businesses currently preparing for trial for one or more economic events or accusations should look into forensic economic experts as tools for their defense or cross-examination. These experts can provide exceptional value in a courtroom and sway the outcomes of cases dramatically.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes