At Forensic Economic Services, we understand the critical importance of accurately calculating economic damages in personal injury cases. Our team of experienced economists serves as expert witnesses, providing invaluable assistance to individuals seeking financial compensation for severe personal injuries. Whether you’ve been injured in a motor vehicle collision, medical malpractice incident, or work-related accident, our expert economists can significantly enhance the value of your personal injury lawsuit in California.
What Do Damages Experts Do?
Our team of economic experts excels at providing expert testimony to establish the financial losses incurred by plaintiffs due to their injuries. We meticulously calculate the plaintiff’s economic damages, including the loss of earning capacity, lost wages, lost business profits, and payments made to others for necessary services resulting from the personal injury.
Determining Recoverable Economic Losses
Quantifying economic damages can be straightforward in certain cases, such as simple car accidents. However, in more complex scenarios, accurately assessing damages becomes exceedingly difficult. For instance, if a self-employed plaintiff is forced to close their business due to the injury, our experts can help calculate the business’s projected value had the injury not occurred.
By analyzing the plaintiff’s income tax returns and business records from the past five years, our experts determine whether the injury caused a reduction in their income. This assessment is particularly crucial when the injured individual is self-employed or owns a business since estimating their future salary is a vital component of calculating total economic damages.
Consultation during the Discovery Process
During the discovery phase of a personal injury case, economic damages are often requested. Attorneys invest significant time in investigating the case’s facts and gathering relevant information. Our economic experts can assist in the analysis of various documents, including social security earnings records, income tax records, retirement benefit documentation, balance sheets, profit and loss statements, and more. We help plaintiffs prepare for depositions and provide valuable insights into the financial impact of permanent disabilities resulting from the injury.
Determining Deductions and Negotiations
In many cases, the defense counsel may acknowledge the plaintiff’s projected losses over a certain number of years but may be hesitant to agree to a lump sum settlement. Our economic experts play a crucial role in helping determine an appropriate negotiation strategy and guiding the plaintiff on the total lump sum of damages to pursue.
The Vital Role of Economic Experts
Economic damages experts play a vital role throughout the personal injury litigation process. At Forensic Economic Services, we regularly collaborate with a network of experienced and knowledgeable experts who are dedicated to supporting our clients. Their expertise helps us build strong cases and provide comprehensive analysis and testimony.
If you believe you have a potential personal injury lawsuit, now is the best time to speak with an attorney.
