Lean on our personnel for focused expertise to support your case
A leading provider of legal and professional services research, BTI Consulting Group reports that 85% of law firms surveyed will either maintain or increase their litigation budgets this year. If you walk within these circles, you can probably relate! BTI attributes robust collective litigation spending to surges in areas such as unemployment. Workforce-related claims reflect the changing dynamics of our workplaces and society; for instance, your clients may be concerned about employment practices related to shutdowns or transitions to WFH arrangements. Likewise, BTI (and you) may be noticing a hike in complex commercial lawsuits, and those related to longer-dated agreements in the present environment.
Litigation support is needed now more than in most times. Fortunately, this expertise embodies one of the notable ways that we at O’Donnell, Ficenec, Wills & Ferdig are “more than accounting.”
We fill in the financial gaps
All organizations know they are only as “good” as the people they surround themselves with, the advisors outside of their realm of expertise. No one can possibly be everything to everyone. In fact, trying to be that person, especially when demand for your services is keen, doesn’t allow you to perform at the highest level in those areas that you know best. While some supportive resources, partners and personnel have specialized niches in IT, e-discovery, or other highly specialized areas, we augment you and your team’s financial capabilities and skills. So, no important data point is overlooked, or no miscalculation is left unchallenged within a damages report associated with wrongful legal actions.
Our seasoned consultants provide valuable insights and focused expertise in auditing, tax, and business. As consultants, we are adept at evaluating complex calculations, and reviewing the opposing party’s damages reports for “holes” in their reasoning. When we find these oversights or inconsistencies, you can call the business case for damages into question. We can sniff out missing or contradictory information and can bring damaging or questionable “hidden” data to light. As such, we are proud to serve as financial gumshoes, a role that requires its own set of skills and real-world experience.
We may be just the knowledge that you need to bolster your case, and to bring it to a satisfactory close for your client.
Ready, set, review?
Be prepared for our litigation support professionals to solicit relevant information from your professionals. After all, this documentation is necessary for us to build the support that you and your client need. We will verify that the documents are complete. So, we can assure there is sufficient insight to understand the issues at hand, as well as the business or enterprise that may be under the microscope. Our diverse expertise with all sorts of industries and sectors, from maintenance and health care to construction and ag, means that we are well-positioned and prepared to take on many types of legal disputes that require scrutiny of expert witnesses and their prepared documents.
We will thoroughly analyze all financials connected and relevant to the case; notably, the financial damages report that is prepared by the other parties’ experts can be a source of flaws that call the experts’ credibility into question. In turn, these findings may prompt a settlement. Attorneys should also be prepared for us to bring forth questions. We may need to determine precise answers to resolve unclear issues within the report. We may also sit down with clients to discuss why each question is relevant and should be posed to the opposing witnesses. Follow-up questions may be prepared that can further anticipate witnesses’ responses, and we welcome discussing strategy and any unexpected questions should new or surprising financial concerns arise.
There is both a science and an art to analyzing the expert’s report:
We fully review each calculation to assure that it makes sense; for instance, miscalculations or errors can really make a tremendous difference in the damages that are being sought, especially in smaller claims cases. Any miscalculations also put the plaintiff’s case in a bad light.
No stone is left unturned. We delve through the supporting documentation to determine if, as an example, the right amounts were used when the expert calculated damages. We’ll also look for changes in the business leading up to the event that triggered the lawsuit, and we will confirm if those changes were applied, or knowingly or negligently “withheld.” Let’s say a business was sold and another was lost prior to the “damaging” event, this needs to be noted. If existing folded businesses are still accounted for, this is a significant discrepancy that spells doom for the expert’s testimony. But helps to make your argument airtight.
Since we’re adept at the methodology behind the numbers and can connect the dots that lead from Point ‘A ‘to Point ‘B,’ we will also explore the assumptions that were used to estimate damages; for instance, it is not uncommon to factor in inflation rates, revenue growth rates, projected future economic conditions, and other variables. We apply our experience to determine the value for each noted assumption. Our opinion is well-respected in the industry, and we may determine that the values assessed to each factor are not reasonable, or do not make overall business and financial sense.
We also assure that the analysis is prepared and provided (securely) to the attorney or firm in a timely fashion. So, the team has time to review the information and can ask any clarifying questions. We also have demonstrated prowess in presenting information in a way that “nonfinancial” persons can understand. This is critical because, while accounting may be the “language of business,” it is by no means a “universal” language. And it takes considerable training and hands-on experience to speak this language fluently.
On top of that, accounting and quantitative analysis has its own jargon, terminology, and methods. In fact, we use our own “layman’s” terms to convey information in a way that leaves no room for interpretation and further confusion. We do not inundate our partners with nebulous, complex, and unnecessary accounting and financial terms that resonate exclusively with a specific, narrow audience.
Our litigation support experts understand the ins and outs of such analysis and reviews so well that we can communicate it clearly to individuals and groups from all walks of life. After all, what good is our assistance and expertise if we cannot help you better understand the financial dynamics, which supports the development of a sound and appropriate strategy? This, ultimately, results in a favorable and potentially life-changing resolution or agreement for your client.
Our team looks forward to supporting your team. For 70 years, O’Donnell, Ficenec, Wills & Ferdig has provided focused accounting, auditing, tax, and business valuation expertise and perspective to augment our diverse clients’ expertise. As an extension of our team, we support your growth and ability to deliver exceptional service to your clients.