Legal profession increasingly recognises the importance of forensic accounting in global litigation cases
With global litigation cases becoming more costly and complex, our clients cannot afford to lose focus on the measurement of damages, which is as ever, just as important as liability and causation.
MDD Forensic Accountants, the global specialist accountancy firm, has seen a major uptick in law firms taking a proactive stance to bolster their cases, especially in the UK and Asia. This was recently endorsed when both its UK and Singapore offices won Forensic Accounting Firm of the Year in their respective regions.*
Paul Isaac, Senior Manager, MDD London said: “In litigation, measurement of damages often takes a back seat to liability and causation. This may be due to the increased focus on litigation costs – however the decision not to engage a forensic accountant at an early stage is often a false economy. We quickly identify, locate and analyse the relevant information to build or bolster a case allowing counsel to control and develop the litigation process – and importantly make the right strategic decisions and the right time.
“The alternative is often that quantum is left to the last minute, so the expert has to form an opinion based on limited information due to discovery being closed, or there being a very short deadline for expert reports.”
Phillip Taylor, Managing Director – Asia Pacific, continued: “Our business has grown as a result of word-of-mouth referrals as litigators start to appreciate the more obvious benefits of a niche forensic accounting firm like MDD over larger traditional firms. Winning the award recently recognises the giant steps made by MDD to expand its litigation support practice in Asia Pacific and around the globe over recent years. MDD, as a firm, is rarely conflicted, and can mobilise quickly to deliver more reliable testimony at a lower price than larger firms.
“In my experience, issues of quantum are often seen as a ‘dark art’ to non-accountants and when Tribunals and Courts are faced with opposing experts and a gulf in their respective figures, they will attach more weight to the experts who can address complicated issues through clear explanations and visual aids that demonstrate the merits of their position.”
*The Lawyer Monthly Legal Awards 2015 recognises the achievements of law firms, lawyers, barristers and those connected to the legal world that have a proven track record in delivering results for their clients over the past 12 months.