Document Type
Article
Publication Date
6-2026
Abstract
Modern litigation often involves two separate, extra-legal features: (1) contingency fee arrangements with the plaintiff-side attorney, and (2) a “battle of the experts” where the outcome of the case rests on conflicting expert witness testimony. We construct a model to illustrate that when these features occur simultaneously, in contexts where plaintiff-side attorneys bear the cost of hiring experts upfront, defendants will spend systematically more than plaintiffs on hiring expert witnesses. Our model is motivated by hand-collected data from a decade of securities class action litigation, where we show that experts polarize into almost entirely plaintiff-side versus defense-side experts, that defense-side experts are more “prestigious” in terms of educational and academic affiliations, and that defense-side experts are at least 36% more expensive in per-hour terms. We argue that expert asymmetry could be closed through optimal contracting in certain individual claims, but it is likely a necessary feature of all class actions, such as toxic torts or consumer protection, in an “adversarial” litigation system. This defense-side advantage therefore provides a newly identified rationale for “inquisitorial” litigation systems, including increased use of court-appointed experts under Federal Rule of Evidence 706 and state law analogues.
Recommended Citation
Callister, Adam. "Expert Asymmetry: Evidence From Securities Litigation." Journal of Empirical Legal Studies 23, no. 3 (2026): 293-326. DOI: https://doi.org/10.1111/jels.70040
Included in
Banking and Finance Law Commons, Civil Procedure Commons, Evidence Commons, Law and Economics Commons, Litigation Commons, Securities Law Commons
Comments
This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium,provided the original work is properly cited. © 2026 The Author(s). Journal of Empirical Legal Studies published by Cornell Law School and Wiley Periodicals LLC