When an expert renders a professional opinion about the value of a business, a loss as a result of a disability or the amount of financial damages, an important consideration as to credibility of that opinion is the expert s independence from all parties involved in the matter.
Independence is a broad concept that includes conflicts of interest.
It is not discussed as a required standard but rather in an effort to consider a pitfall that may be used against the expert s objectivity. To increase the probability that an expert s opinion doesn t appear tainted, a basic understanding of independence is helpful. Experts may never seem totally independent since they are being paid for their services, but the apparent lack of independence may be nothing more than the appearance of a relationship between parties, even though no relationship exists. The attempt to impeach an expert because of relationship with counsel or the client, the amount of fees charged or contingent fee arrangements is common in today s legal environment. The expert should follow standard procedures to verify that no member of his or her firm has any relationship which could impair independence.