Litigation Consulting is a Specialty
Like most areas of specialization, litigation consulting is replete with unique considerations and terminology not immediately obvious to, or understood by, the uninitiated. Although the attorney does not necessarily expect the CPA to appreciate the intricacies and nuances of the legal system, a basic understanding of certain procedural issues and common legal terminology is helpful. Exhibit 2 presents a glossary of certain terms endemic to the legal world.
Similarly, as a direct consequence of the interface with the legal discipline, there are certain concepts and distinctions which must be understood by the litigation services practitioner and which should be addressed early in any specific engagement.
Litigation consulting professionals also can serve as triers of fact, mediators or court appointed experts. Some of the litigation services rendered include, but are not limited to:
- Calculation of economic damages and lost profits arising out of class action lawsuits, intellectual property disputes and other claims;
- Fraud prevention and investigation into alleged improprieties;
- Expert services and/or consulting services with respect to professional standards and accountant’s liability issues;
- Asset tracing and recovery;
- Monitoring construction projects and government contracts;
- Business and intangible asset valuations;
- Analyses for matrimonial settlements;
- Consulting related to Chapter 7 and Chapter 11 bankruptcy proceedings; and
- Claims analysis relating to business interruption and other insurance claims.
What do management consultants do?amcpi
What are the benefits of hiring a consultant?amcpi
- An Objective based on the Outsider's Perspective. Especially true for small to mid-size companies, owners and senior management normally have invested significant time, energy, and resources into their companies. ...
- Accomplishing Short-Term Goals. ...
- Leveraging New Skills. ...
- Outside Market Knowledge
- The luxury of having time to Plan
What is the Role of a Consultant?amcpiConsulting is the business of providing expert advice to a specific group of people. So what do consultants do? In a practical sense, they advise. They pull from their niche experience, industry understanding, and problem solving abilities to offer valuable advice to a specific type of client or group of people.
The Forensic & Litigation Consulting segment provides corporations, governments and law firms around the globe with the industry’s most complete range of multidisciplinary, independent dispute advisory, investigative, data acquisition/analysis and forensic accounting services.