Expert witnesses can play a crucial part in legal proceedings, helping the court understand complex issues through technical analysis of the facts. They can be particularly in demand in complex financial cases.
The role can be rewarding, and not just financially. Nicola Cohen, Chief Executive of The Academy of Experts, says: “Being an expert witness can put you at the forefront of the industry, showing you are at the top of your game. It also gives you the ability to help people in what can be very difficult circumstances.”
A lot to considerHowever, it is not something to be undertaken lightly. Cohen adds: “There is a lot involved. If you decide you want to do it, you need to treat it as a profession. It is important you understand the process and are aware of what is required. You are putting your reputation on the line each time and that can have a knock-on effect on you professionally if you do not carry it out properly.”
This overrides any obligation to the person from whom experts have received instructions or by whom they are paidSome of the key qualities required are: having the right expertise; being authoritative and articulate; being able to work to a tight timetable and having an understanding of the legal process. But more importantly, experts have to be independent. While they will generally be appointed by one side, their duty is to the court. This overrides any obligation to the person from whom experts have received instructions or by whom they are paid. The second fundamental requirement is expertise. That may sound obvious, but very specialist areas will require equally specialist, and up-to-date, advice.
As the role of expert witness evolves, professional bodies offer everything from foundation training to courses on more specialist areas. “Anyone taking on expert work without undergoing specialist training in the requirements of the role could be putting their future career at risk”, says Craig Kersey, Chartered FCSI and an experienced expert witness in financial and investment cases.
Perceived conflict of interestWhile it may be rare, judges can and do criticise expert witnesses. Anyone singled out in this way may find the impact goes well beyond influencing future appointments; it could also affect their professional career and expose them to claims for damages. This makes it vital that expert witnesses’ conduct is impeccable – and that they have professional indemnity insurance cover (available through membership of one of the professional bodies).
Is it advisable to take this role on full time? On the one hand, by leaving a career completely, expert witnesses may find they become less informed of their industry. On the other hand, an expert witness who works at a financial firm may face a perceived conflict of interest. They would also need an employer willing to allow long absences from work at short notice.
Mike Jones, FCSI(Hon), who has appeared in 140 financial and investment cases since retiring as CEO of a private stockbroker, recommends taking up the role. “I have really enjoyed it. I have met amazing people, interacted with the best experts in the country and I test myself all the time.” Much of his work has involved misselling cases, where his clients had lost much of their life savings. “It is very rewarding to write a report to court which could help them get their money back.”
The original version of this article was published in the March 2016 print edition of the Securities & Investment Review.
An introduction to expert witness work with The Academy of Experts
Since the publication of the expert witness article in the March edition of the Securities & Investment Review, Craig Kersey, Chartered FCSI, who was quoted in the article, has received a number of direct enquiries from senior CISI members who are interested in exploring the role further. The Academy of Experts (TAE), of whose Executive Committee Craig is a member, has kindly invited CISI members who are interested in this area to attend one of TAE’s evening seminars during the remainder of 2016, which would also provide an opportunity to meet and discuss matters with practising experts. The next two meetings are on the evenings of Thursday 12 May and Wednesday 13 July. If you would like to attend either of these meetings, or one later in the year, please contact Nicola Cohen at TAE via nac@academy-experts.org.