1. FINANCIAL CALCULATIONS FOR LAWYERS
Lesson One
Introduction
“Why Lawyers Need to Understand Finance”
© Steven J. Willis 2006

2. Why Lawyers Need to Understand Finance
Finance is not just for accountants and tax lawyers.
© Steven J. Willis 2006

3. Why Lawyers Need to Understand Finance
Finance is not just for accountants and tax lawyers.
Learning finance is important for every lawyer.
© Steven J. Willis 2006

4. Why Lawyers Need to Understand Finance
Finance is not just for accountants and tax lawyers.
Learning finance is important for every lawyer.
Finance involves many aspects of the law from torts and family law, to trial practice, and personal purchases.
© Steven J. Willis 2006

5. Why Lawyers Need to Understand Finance
But, the question of the moment is:
© Steven J. Willis 2006

6. Why Lawyers Need to Understand Finance
But, the question of the moment is:
Why must you learn it?
© Steven J. Willis 2006

7. Why Lawyers Need to Understand Finance
Consider some examples.
© Steven J. Willis 2006

8. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
© Steven J. Willis 2006

9. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
© Steven J. Willis 2006

10. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
© Steven J. Willis 2006

11. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
© Steven J. Willis 2006

12. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

13. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Who might be a forensic accountant or a forensic economist.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

14. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

15. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
In a typical jurisdiction, the Court or Jury will award a lump sum today equal to the future loss.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

16. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
In a typical jurisdiction, the Court or Jury will award a lump sum today equal to the future loss.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

17. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
In a typical jurisdiction, the Court or Jury will award a lump sum today equal to the future loss.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

18. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
The typical Court or Jury will not award a series of payments to replace the lost stream of income.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

19. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
The typical Court or Jury will not award a series of payments to replace the lost stream of income.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

20. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
The typical Court or Jury will not award a series of payments to replace the lost stream of income.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

21. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
The typical Court or Jury will not award a series of payments to replace the lost stream of income.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
A structured settlement between the parties may contractually agree upon such a stream; however, that is a matter of settlement not a court award.
© Steven J. Willis 2006

22. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
The typical Court or Jury will not award a series of payments to replace the lost stream of income.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
A structured settlement between the parties may contractually agree upon such a stream; however, that is a matter of settlement not a court award.
© Steven J. Willis 2006

23. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
In either case, you must be able to compute the value today of the lost stream of income:
to settle, or
to argue to a jury.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

24. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
In either case, you must be able to compute the value today of the lost stream of income:
to settle, or
to argue to a jury.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

25. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
In either case, you must be able to compute the value today of the lost stream of income:
to settle, or
to argue to a jury.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

26. Why Lawyers Need to Understand Finance
CAUTION
Tort Law
Personal Injury Case
In either case, you must be able to compute the value today of the lost stream of income:
to settle, or
to argue to a jury.
Lost wages involve a stream of income.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

27. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
Lesson 11
will teach you to compute the present value of an annuity.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

28. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages involve a stream of income.
Lesson 11
will teach you to compute the present value of an annuity.
This is called an annuity: any series of payments.
To value the loss, an expert (or the lawyer) must compute the present value today of the future loss.
© Steven J. Willis 2006

29. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and expected to continue until age 65.
© Steven J. Willis 2006

30. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and expected to continue until age 65.
© Steven J. Willis 2006

31. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and expected to continue until age 65.
© Steven J. Willis 2006

32. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and expected to continue until age 65.
Which is either proved or stipulated.
© Steven J. Willis 2006

33. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and he expected to continue until age 65.
© Steven J. Willis 2006

34. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and he expected to continue until age 65.
Age at injury.
© Steven J. Willis 2006

35. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and he expected to continue until age 65.
Projected age at retirement.
© Steven J. Willis 2006

36. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and he expected to continue until age 65.
Thirty-five years would thus be his work-life expectancy.
© Steven J. Willis 2006

37. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and expected to continue until age 65.
He thus lost $50,000 per year for 35 years.
© Steven J. Willis 2006

38. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Hypothetically:
A 30-year old man was permanently disabled. He’d been earning $50,000 annually and expected to continue until age 65.
He thus lost $50,000 per year for 35 years.
We must compute the present value of an annuity of $50,000 for 35 years.
© Steven J. Willis 2006

39. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lesson 11
will teach you to compute the present value of an annuity.
We must compute the present value of an annuity of $50,000 for 35 years.
© Steven J. Willis 2006

40. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
$50,000 times 35 years = $1,750,000
We could do it this way.
© Steven J. Willis 2006

41. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Lost wages
$50,000 times 35 years = $1,750,000
We could do it this way.
© Steven J. Willis 2006

42. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Work life expectancy
$50,000 times 35 years = $1,750,000
We could do it this way.
© Steven J. Willis 2006

43. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Simple answer.
$50,000 times 35 years = $1,750,000
We could do it this way.
© Steven J. Willis 2006

44. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
$50,000 times 35 years = $1,750,000
We could do it this way.
But, that would be the wrong answer!
© Steven J. Willis 2006

45. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Instead . . .
© Steven J. Willis 2006

46. Why Lawyers Need to Understand Finance
Tort Law
Personal Injury Case
Instead . . .
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

47. Why Lawyers Need to Understand Finance
© Steven J. Willis 2006

48. Why Lawyers Need to Understand Finance
Notice
© Steven J. Willis 2006

49. Why Lawyers Need to Understand Finance
Notice
50,000 in lost wages
© Steven J. Willis 2006

50. Why Lawyers Need to Understand Finance
Notice
35 years in work life expectancy
© Steven J. Willis 2006

51. Why Lawyers Need to Understand Finance
Notice
A 3% discount rate of interest.
© Steven J. Willis 2006

52. Why Lawyers Need to Understand Finance
Notice
The use of end mode.
© Steven J. Willis 2006

53. Why Lawyers Need to Understand Finance
Notice
The answer of 1,074,362.00
© Steven J. Willis 2006

54. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

55. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
                               
The Present Value of an Annuity Calculator will value this at $1,074,
You are likely thinking: what on earth does all that mean?
© Steven J. Willis 2006

56. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

57. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

58. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

59. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

60. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

61. Why Lawyers Need to Know Finance
Tort Law
Personal Injury Case
This Calculator used a 3% effective discount interest rate, end mode, and no adjustment for taxes or inflation or productivity increases.
The Present Value of an Annuity Calculator will value this at $1,074,
© Steven J. Willis 2006

62. Why Lawyers Need to Understand Finance
To summarize
You will learn in this course:
What calculator to use and why.
Why that interest rate
Why that mode
They impact of inflation
The impact of productivity changes
© Steven J. Willis 2006

63. Why Lawyers Need to Understand Finance
To summarize
You will learn in this course:
What calculator to use and why.
What interest rate to use and why.
Why that mode
They impact of inflation
The impact of productivity changes
© Steven J. Willis 2006

64. Why Lawyers Need to Understand Finance
To summarize
You will learn in this course:
What calculator to use and why.
What interest rate to use and why.
What mode and why.
They impact of inflation
The impact of productivity changes
© Steven J. Willis 2006

65. Why Lawyers Need to Understand Finance
To summarize
You will learn in this course:
What calculator to use and why.
What interest rate to use and why.
What mode and why.
The impact of inflation
The impact of productivity changes
© Steven J. Willis 2006

66. Why Lawyers Need to Understand Finance
To summarize
You will learn in this course:
What calculator to use and why.
What interest rate to use and why.
What mode and why.
The impact of inflation
The impact of productivity changes
© Steven J. Willis 2006

67. Why Lawyers Need to Understand Finance
Other examples will involve Family Law
© Steven J. Willis 2006

68. Why Lawyers Need to Understand Finance
Family Law
You may compute the present value of future alimony: to settle it in a lump sum.
To value a business that must be divided or awarded to one spouse, with a comparable amount to another.
To value a retirement account that must be split in a dissolution.
© Steven J. Willis 2006

69. Why Lawyers Need to Understand Finance
Family Law
You may compute the present value of future alimony: to settle it in a lump sum.
To value a business that must be divided or awarded to one spouse, with a comparable amount to another.
To value a retirement account that must be split in a dissolution.
© Steven J. Willis 2006

70. Why Lawyers Need to Understand Finance
Family Law
You may compute the present value of future alimony: to settle it in a lump sum.
You may value a business that must be divided or awarded to one spouse, with a comparable amount to another..
To value a retirement account that must be split in a dissolution.
© Steven J. Willis 2006

71. Why Lawyers Need to Understand Finance
Family Law
You may compute the present value of future alimony: to settle it in a lump sum.
You may value a business that must be divided or awarded to one spouse, with a comparable amount to another.
You may value a retirement account that must be split in a dissolution.
© Steven J. Willis 2006

72. Why Lawyers Need to Understand Finance
Still other examples involve Property Law
To value future rents on property being sold.
To amortize a home loan.
Contract Law
To set an interest rate or payment schedule.
© Steven J. Willis 2006

73. Why Lawyers Need to Understand Finance
Property Law
You may value future rents on property being sold.
To amortize a home loan.
Contract Law
To set an interest rate or payment schedule.
© Steven J. Willis 2006

74. Why Lawyers Need to Understand Finance
Property Law
You may value future rents on property being sold.
You may amortize a home loan.
Contract Law
To set an interest rate or payment schedule.
© Steven J. Willis 2006

75. Why Lawyers Need to Understand Finance
And other examples involve Contract Law
To set an interest rate or payment schedule.
© Steven J. Willis 2006

76. Why Lawyers Need to Understand Finance
Contract Law
You may need to set an interest rate or payment schedule.
© Steven J. Willis 2006

77. Why Lawyers Need to Understand Finance
Contract Law
You may need to set an interest rate or payment schedule.
You may need to compute the value of a profits share.
© Steven J. Willis 2006

78. Why Lawyers Need to Understand Finance
And, in your Personal Life
To buy a car or house
To save for a child’s education
To plan for retirement
In case you win the lottery, to value your winnings.
© Steven J. Willis 2006

79. Why Lawyers Need to Understand Finance
Personal Life
You may want to buy a car or house.
To save for a child’s education
To plan for retirement
In case you win the lottery, to value your winnings.
© Steven J. Willis 2006

80. Why Lawyers Need to Understand Finance
Personal Life
You may want to buy a car or house.
To save for a child’s education.
To plan for retirement
In case you win the lottery, to value your winnings.
© Steven J. Willis 2006

81. Why Lawyers Need to Understand Finance
Personal Life
You may want to buy a car or house.
To save for a child’s education.
To plan for retirement.
In case you win the lottery, to value your winnings.
© Steven J. Willis 2006

82. Why Lawyers Need to Understand Finance
Personal Life
You may want to buy a car or house
To save for a child’s education
To plan for retirement
Or you may win the lottery, and then you must value your winnings.
© Steven J. Willis 2006

83. Why Lawyers Need to Understand Finance
Of course, many examples involve Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

84. Why Lawyers Need to Understand Finance
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

85. Why Lawyers Need to Understand Finance
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

86. Why Lawyers Need to Understand Finance
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

87. Why Lawyers Need to Understand Finance
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

88. Why Lawyers Need to Understand Finance
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

89. Why Lawyers Need to Understand Finance
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

90. Why Lawyers Need to Understand Finance
CAUTION
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
© Steven J. Willis 2006

91. Why Lawyers Need to Understand Finance
CAUTION
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
Don’t be Alarmed!
© Steven J. Willis 2006

92. Why Lawyers Need to Understand Finance
CAUTION
Tax Law
Section 7872: below market loans
Section 1272: original issue discount loans
Section 1275: market discount loans
Section 467: pre-paid or post-paid rent
Section 461(h): to value the impact of deferred deductions
The Schlude case: to value the impact of early accrual
Don’t be Alarmed!
Unless you are taking the tax portion of this course, you need not understand tax law to understand financial calculations.
© Steven J. Willis 2006

93. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

94. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

95. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

96. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

97. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

98. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money.
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

99. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money.
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

100. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money.
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

101. Why Lawyers Need to Understand Finance
To summarize:
Like it or not, lawyers need to understand financial calculations in their personal lives and in their professional lives.
It is not sufficient to rely on experts:
Sometimes the client doesn’t have the money.
Plus, you need to understand how to communicate with the expert, how to examine him, and how to cross-examine him.
© Steven J. Willis 2006

102. Why Lawyers Need to Understand Finance
The good news is:
It is far easier than you might think!!!
© Steven J. Willis 2006

103. Why Lawyers Need to Understand Finance
The good news is:
It is far easier than you might think!!!
© Steven J. Willis 2006