What tips are there regarding hiring and managing an economic expert?
The process is not unlike hiring any other management consultant. While lists of expert economists are available from Bar Associations, legal publications and related sources, word of mouth and referrals are the most likely ways in which one hires an economist. Frequently, experts make presentations to law firms or continuing education seminars on a case or particularly sensitive or complicated economic issue. This is a good opportunity for exchange and for evaluating the individual. The retention process should involve checking for possible conflicts of interest, a written agreement on scope of work, fees and expenses, and may involve a small retainer. It is not ethical for the expert to be paid on a contingency basis when doing plaintiff work. On most cases, early in the engagement the expert should provide the client with an overall management plan which outlines tasks, resources and milestones. This greatly reduces surprises, enhances communication and overall quality of results. D
