Relevant Experience: A banking expert witness should have a strong track record of professional experience within targeted segments of the banking industry relevant to the litigation. Certain persons claiming to be banking experts may have long tenures in the industry but lack the required depth of experience or knowledge relative to the focus of the litigation. There are many facets of the banking industry — lending, deposit operations, securities portfolio management, consumer compliance, auditing, and regulatory compliance to name a few. Each of these segments requires a certain level of expertise to efficiently understand and manage that unique area of banking. Tenure or title within the industry should never be the primary factor to determine the capability of the expert candidate. Hands on supervisory experience within a particular segment is critical to the expert’s ability to grasp and articulate the specific issues at the heart of the litigation.
- Clarity: The expert should have the ability to analyze and comprehend the various components of the litigation. Banking litigation typically involves competing positions supported by complex financial data and transactions. The expert should be capable of drawing accurate and objective conclusions supported by factual information. The expert should also possess the communication skills necessary to explain complex banking concepts in a clear and understandable manner, both in written reports and during deposition and testimony. The ability to sort through legalese, technical jargon and acronyms and translate them into layman’s terms is critical to effectively expressing the expert’s position to both the judge and jury.
- Professional Demeanor: Depositions and cross-examinations by opposing counsel can be intense and challenging to the expert. A competent witness is able to maintain their composure under such circumstances and continue to provide clear, concise and measured responses. The expert should exhibit ethical conduct at all times and avoid any behavior which could compromise their integrity.
- Commitment: The term of the expert’s engagement could be lengthy and subject to the timelines of the litigation until concluded. The expert must reserve their availability for the duration of the litigation and stay abreast of developments in the interim. The expert’s performance is greatly determined by their study and preparation. This requires a significant dedication of time and attention to detail throughout the process.
- Credibility: The reputation and credentials of the expert should be exemplary. The individual’s qualifications to serve as an expert should withstand any challenge from opposing counsel. Judges and juries are more likely to trust an expert with impressive qualifications who has earned a solid reputation in the banking industry.