You’ve lined up your best witnesses and gathered the evidence for your upcoming trial. But something’s missing. Testimony from an expert witness is often the keystone that will cement your personal injury case and the testimony of your other witnesses. An expert witness can increase your settlement or even make the difference between winning or losing at trial. Unfortunately, paying an up-front fee for expert testimony can be difficult or impossible for lawyers who work on contingency.
Richard Silverstein, President of Case Funding Inc., explained the importance of having such experts on your side: “Expert witnesses provide third-party, unbiased and credible information to juries so that they can properly evaluate the merits of a lawsuit,” he said. “Typically, most experts want to get paid up front and can be quite expensive.”
Indeed, the up-front cost of an expert witness can be a drag on a firm’s finances. For that reason, many attorneys are turning to litigation financing, allowing them to fully pursue their cases without tying up the firm’s cash. “Adequate working capital is an invaluable resource for litigators working on a contingency basis,” said Mr. Silverstein “and often makes the difference between achieving a favorable outcome or not.” Litigation financing can give firms the flexibility they need to mount an effective case against deep-pocketed law firms engaged by large insurance companies.
Hiring the Best Experts Can Be Costly
If you’re trying a personal injury case, the success of your case may depend on specialized medical or other technical expertise that proves the liability and damages associated with your client’s claim. Claims involving serious or traumatic injury often require a seasoned medical professional to substantiate a client’s injury and future care. Attorneys are also encouraged to hire experts that specialize in determining past and future lost earnings stemming from an accident.
While it’s true the expert witness fee is eventually passed on to the client as part of the attorney’s expenses, an attorney must often pay an up-front retainer to engage the expert. Securing funding for these expenses can help you avoid a drag on your cash flow as the case progresses, allowing you to concentrate on the case itself. Litigation financing will also allow you to make rational decisions about your case without being pressured into a settlement. “Our clients have experienced situations where when the defense knows the plaintiff’s case is well funded, they give up on delay tactics and come to the negotiating table” Silverstein notes.
Get Help Building Your Case
The expert witnesses’ expertise can extend far beyond testimony. If your case involves medical malpractice, engaging a medical professional can help you build your case from the beginning, particularly if an attorney lacks medical knowledge in a specific area. It also puts the defense on notice that the case has substance and you are serious about pursuing your claim. By engaging the most qualified expert possible you improve your chances of a favorable outcome and increase the settlement amount for your client and for your firm.
Case Funding Inc. is a New York based specialty finance company and industry leader in providing litigation funding solutions to attorneys and law firms. Pre and post settlement working capital loans enable attorneys to; invest in their cases in the form of expert witnesses, pay operating expenses and marketing costs and better manage cash flow. Founded in 2002 by a team of legal and financial professionals, Case Funding was recently acquired and recapitalized by the Chesswood Group, a public company listed on the Toronto Stock Exchange (T:CHW). Case funding provides attorneys and law firms of all sizes with case and trial cost financing, legal funding and litigation financing for settled case fee advances and cases on appeal, in the form of working capital loans. Visit www.Casefunding.com for more information.