Retaining a valuation expert: the process for counsel

Engagement begins with a conflicts check and a scope conversation. Counsel should expect to be asked what the disputed issues are, what the valuation date is, and what has already been produced by the other side — the answers change the scope of work materially.

Fee arrangements are hourly for testimony and consulting, and fixed for the underlying valuation. Fees contingent on the outcome or on the value concluded are prohibited under USPAP and would render the opinion worthless on cross.

Disclosure obligations vary by jurisdiction and forum. The appraiser's workfile is generally discoverable, and drafts may be. Counsel should raise this early so that the engagement is structured with it in mind.

At deposition and trial the expert defends the reasoning, not the number. A report whose logic can be followed step by step survives cross-examination; one that presents a conclusion with thin support does not, however carefully the number was chosen.