The term “litigation support” might conjure up visions of being the assistant to a famous trial lawyer. Or perhaps you think of a private detective digging up the dirt on the opposing side of a large lawsuit, or the expert witness delivering the knock-out blow in suspenseful courtroom testimony. In reality, litigation support services encompass a combination of all of these scenarios – albeit absent the literary dramatic license.
Legal cases often involve an overwhelming amount of financial and technical evidence, documentation and testimony. The use of a highly skilled consultant is invaluable in providing assistance to counsel and the client by absorbing, analyzing, and responding to this information.
In the ARM industry, expert consultants have been used in cases of valuation disputes, where they can be integral to the resolution of litigation. Determining the value of a closely-held business, assessing minority, marketability, and control discounts are all prevalent in divorce actions, shareholder disputes, and troubled business acquisitions or mergers.
Non-valuation litigation support services are also used in the industry. These services can be far-reaching and diverse. Often, counsel requires time-sensitive analysis of complex financial data, or assistance in understanding the financial implications of a proposed agreement. Damage studies assist a plaintiff’s counsel in proving (or defendants counsel in refuting) the causation of damages. Detailed analysis, reporting, and testimony to quantify damages are crucial to a successful litigation claim.
If you are facing litigation under one of these scenarios, using an established authority provides you with a distinct advantage. Lawyers and judges, who are not likely to know the nuances of the ARM industry, readily rely on credible, third-party experts to substantiate a claim, and industry and or market expertise carries enormous weight in such proceedings. When hiring a consultant to assist in a lawsuit, remember that prevailing in these types of litigation requires not only top quality valuation analysis, but an expert witness experienced in conveying and supporting a client’s position in high-pressure situations like depositions or courtroom testimony.
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