What is Litigation Support Melbourne?
Litigation support refers to the assistance provided by a forensic accountant in relation to any given case, which deals predominantly with the calculation of economic damages. Although litigation support represents support provided to a client with regards to a legal dispute, the role is not limited to existing litigation. A forensic accountant may advise a client in advance of a potential legal dispute, resolving their issue before it reaches the courtroom. Litigation support, as well as investigative accounting, is one of the primary roles of the forensic accountant.
Before Court Support
In advance of a financial dispute going to court, clients may retain a forensic accountant to assist in the determination and documentation of any potential financial loss or damage. Litigation support in the face of pending arbitration often resolves any financial disputes before they reach the courtroom.
Forensic accountants are distinct from typical accountants in their familiarity with legal processes and arbitration. More than this, they are experts in finance and in litigation, and know their way around a courtroom. This special legal knowledge affords them insight into the manner in which financial legal disputes are settled and resolved. With these skills, a forensic accountant may save their client time and money by circumventing courtroom arbitration. As such, forensic accountants are becoming essential for public or private entities that seek to swiftly and efficiently resolve financial disputes. If a dispute is set for legal channels, however, a forensic accountant may also provide litigation support to a client by retrieving, compiling, and processing any financial data relevant to their case.
In Court Support
On occasion, it is necessary that a financial dispute be resolved via legal channels. In such an instance, attorneys may retain forensic accountants in order to build their case upon the foundations of stable financial advice.
In court, the forensic accountant might lend their expertise to the witness stand. As experts in finance and finance-litigation, they are able to provide reliable testimonies with regards to all matter of economic disputes. Or they may even work on the other side of the witness stand – lending their guidance to legal counsel in the formulation of key questions relating to financial evidence. Their honed and practiced investigative approach affords forensic accountants an insight into problems or gaps that may otherwise have gone unnoticed. It is often this high attention to detail, cultivated by the forensic accountant’s broad knowledge base, that makes the difference between successful and unsuccessful resolution of financial disputes.
In addition to testimonial support, litigation support may also come in the form of a more technically simple – but equally as essential – guiding financial hand. Whilst attorneys often demonstrate an impressive capacity to retain and express financial information with regards to relevant legislation or legal precedent, their focus is narrowed by their legal lens. Forensic accountants work closely with legal counsel to provide assistance during research, or in the compilation of relevant financial data, to ensure that casework is both accurate and compelling when it reaches the court.
After Court Support
After a case has been tried, forensic accountants may assist in determining and calculating economic damages. This may involve compiling relevant data points and translating these into comprehensive and applicable reports. Their expertise allows settlement discussions to run smoothly and in a manner that is financially just.