Importance of Forensic Accountants in Shareholder and Partner Litigation
In this video, Charles Internicola discusses the reasons why – when representing a client in a shareholder and partnership dispute – he gets a forensic accountant involved at an “early stage” of the litigation. The short answer is that by doing so, it creates efficiency and results.
Many times, lawyers will bring in a forensic accountant long after discovery is completed but just weeks before trial. That is, after over a year of litigation, lawyers typically hire a forensic accountant. Lawyers pay the accountant a fee and then ask him or her to testify at trial.
Why This Is Not Efficient
Because it is too late. That is, it is important to get a forensic accountant involved “during” the discovery process and before your partner is deposed. A good forensic accountant can point out discrepancies and missing information that, if used properly, can be used to your advantage. So it is better to get this information “sooner than later.”
So, at the Internicola Law Firm, after we get involved in discovery, but before we conduct any depositions - whether it be your partners, the CFO of the company, or the person responsible for the books and records - we ask a court to order the other side (your partners) to grant us access to the books and records. Following our forensic accountant’s preliminary review, I meet with the accountant to ensure from that review, we have a great line of questions and information that we seek out when we are conducting depositions and opposing your partners.
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