Appraisers constantly are seeking ways to better their businesses. The key to achieving that, though, might be making the decision to specify one’s area of expertise. The legal side of appraising is an under-served area of the appraisal profession where opportunities can be found.
One veteran we spoke to found his path down the legal road most satisfying and fulfilling.
“I find this sector rewarding for various reasons. It is intellectually challenging,” Integra Realty Resources Litigation Practice Group Leader Steve Crosson told Valuation Review. “Further, litigation support is the antithesis of ‘commodity’ valuation work in that it is typically done on an hourly rather than fixed fee basis.
“Also, it is far easier to differentiate oneself from the competition in this arena. Lastly, this space is under-served by our profession. For all of these reasons, I saw an opportunity,” he added.
Crosson began his career with a large financial institution where he received a first-rate foundation in valuation theory and practice. He then co-founded his own firm, Crosson Dannis, Inc. (CDI), where he served as chairman and CEO for 38 years. During his tenure with CDI, Crosson worked throughout the U.S.
And although appraisers coming into court as expert witnesses might sound exciting, this particular area may not be for everyone, Crosson said.
In fact, if legal individuals are in search of the “perfect expert witness,” they may not find one.
“I don’t think the perfect expert witness exists,” Crosson said. “The qualities a successful expert must have include deep theoretical understanding of matters at issue, be highly detail-oriented and thorough, be an effective communicator and have the ability to not take assaults by opposing counsel personally. We each have our strengths and weakness.
“A great expert witness insists that the attorney with whom he/she is working spend considerable time preparing testimony and anticipating questions on cross examination,” Crosson added.
The value of preparation, though, for the expert witness cannot be overstated, Crosson said. One must review one’s work product and work file ad nauseum.
“I must be able to cite and support all aspects of my work without looking at the physical documents,” he said. “Finally, I work with the attorney for hours in presenting my opinions and in responding to anticipated questions upon cross examination.”
Preparation is an essential part of the process, because just like an appraisal report, the author may be offering too much information, and information that is not needed, or relative to the matter at hand.
“Attorneys do not want to work with witnesses who are unprepared, indecisive, ones who communicate poorly, ones who are cowed by attacks by opposing counsel, or witnesses who take illogical or unsupportable positions,” Crosson said. “Stated in the positive, attorneys want experts who are well prepared, confident, and willing to fight for his or her opinions.”