What happens if I’m not sure about the merits of my litigation?

22 September 2021 by Paul Croft

It’s understandable that lawyers and/or their clients can be hesitant about engaging a forensic accountant. That’s because there can be a whole lot of uncertainty around satisfying the evidentiary requirements, the chances of success and even if successful, whether the damages awarded will justify the costs involved – including the financial, mental, and emotional costs associated with prosecuting or defending a claim.

At BRI Ferrier Forensic we offer a phased approach to forensic accounting engagements, which empowers the client to better control the costs and manage the risks and uncertainties associated with litigation.

For example, a phased forensic accounting engagement in a plaintiff matter may look like this:

  • Phase 1: initial meeting, high-level review of data, develop potential loss scenarios and document key evidentiary requirements;
  • Phase 2: detailed analysis of data, finalise approach and quantify losses, evaluate possible outcomes, and take go / no-go decision; and
  • Phase 3: prepare expert report.

While a phased forensic accounting engagement in a defendant matter may look like this:

  • Phase 1: initial meeting, read and comment on forensic accounting report prepared by the plaintiff’s expert, form initial views on accuracy and veracity of the plaintiff’s expert report, consider and evaluate alternative approaches to quantifying any losses;
  • Phase 2: complete initial draft of loss model under alternative approach, evaluate possible outcomes, and take go / no-go decision; and
  • Phase 3: prepare expert report, including response to the plaintiff’s expert report.

Need advice?

Early forensic accounting input may assist in developing the best legal strategy. We may be able to give a broad overview of the main issues after a brief review of available financials and an outline of the background to the matter. We aim to help, so please feel free to contact one of experts.

Paul Croft Jacqueline Woods
Paul Croft
Director, Forensic Accounting

E: pcroft@brifnsw.com.au
M: +61 (0)418 411 299
T: +61 (0)2 8263 2320
Jacqueline Woods
Director, Forensic Accounting

E: jwoods@brifnsw.com.au
M: +61 (0)417 472 668
T: +61 (0)2 8263 2357

 

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