The costs of expert witnesses can be in the thousands for each case, and are often incurred prior to any recovery.
What These Costs Typically Cover
An expert report can cost anywhere from a few thousand pounds for a simple written report to hundreds of thousands for a lengthy trial expert. A forensic accountant can cost upwards of £10,000 + VAT for a single report.
When Payment Becomes a Pressure Point
Many experts require payment of an upfront retainer, followed by further invoices for time spent reviewing disclosure or preparing for hearing. This means that law firms have to carry the costs of experts for several months before settlement or judgment is achieved.
How Disbursement Funding Helps
paid, such as payment of an expert’s fees as they become due.
There is more on Law Firm Finance at novo-modo.co.uk/commercial-finance-Legal-Firms.
Ring-Fencing Costs in Your Case Budget
Ring-Fence Expert Fees in Your Case Budget. Ensure that you keep expert fees as a separate line in your case budget and update as necessary by the expert when they revise an estimate. This will clearly reflect your total exposure to cost and enable you to apply for funding as necessary.
Early Settlement and Expert Fees
Make clear in your client care letter who shall pay the expert’s fees should a case settle prior to completion of their Report. Many experts will not offer any sort of reduction from their standard fees and it is sensible to agree this point with them at the earliest opportunity.
Presenting Expert Costs to a Funder
Funders will normally require the legal costs advocate to produce a schedule to the funder which sets out the details of the experts that are required for the case and the stage at which they are required and the cost due at each stage. The court will also expect the expert’s evidence to be properly ‘scoped’ and there is guidance on how expert witnesses are used in civil proceedings.
A well-documented expert cost plan will ensure a smooth process to secure funding and managing of a case.