How can an Economic Expert Determine My Amount of Lost Income in a Personal Injury Case?
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In a personal injury case, the victim may have need of several experts to assist with the issues of the subject matter to include explaining and calculating the loss of income and other damages owed. These experts may become part of the claim as witnesses or give reports and documentation to support the claim as evidence.
The Personal Injury Case and Lost IncomeEconomic and non-economic damages are generally possible in personal injury cases where the victim suffers an injury and pain and suffering. Those that become part of the case may support the plaintiff through documentation, paperwork and even reports about these possible damages. The case itself may have non-economic issues that require the help of an economic expert. However, the legal team may or may not hire an expert witness. Other cases use details given through testimony of a person that works in the field or that understands the case specifically. This professional may support and assist the claim without becoming a designated expert witness.
Determining the Lost IncomeDepending on various factors, it is possible to calculate the total in lost income that the victim will suffer because of an injury. The general amount of the total will require numerous items added such as the current average of weekly or monthly wages, the loss of possible promotions and bonuses and the capacity to earn in the field. If the plaintiff suffers a disability, this could further hamper the capacity to acquire wages at the same company. Rehabilitation and retraining for another position or to change companies or industries may also increase the lost income possible.
Calculations for DamagesThe person tasked with researching the amount of income that the plaintiff loses through the accident has certain calculations that are known. These generally will depend on certain factors and multipliers that may exist for various types of damages. Economic experts may assist a case with or without testifying for the victim of the incident. Others will calculate the amount and present the findings to the lawyer. If certain items exist for the employee at a company, these may increase the possible compensation. Lost income usually has specific elements that are general for most plaintiffs, but some special considerations may alter individual claims.
Special damages within lost income may increase the compensation if the person is not a contractor or works with added bonuses and benefits. Other than the loss of capacity to earn or bonuses that may occur randomly or through work performance, the employee may have benefits in another way. These may increase awards when the worker has paid time off, vacation days, sick leave, personal days and holiday pay. Other compensation is also possible for required mandatory overtime or days when there is an availability to earn double income for various reasons. A legal professional may need to consider these factors carefully.
Non-Economic DamagesThe pain and suffering a person sustains along with distress and trauma are damages that are difficult to relate to a dollar value. It is possible to use certain multipliers and factors to generate the value of compensation, but experts and professionals hired for these explanations may need to also discuss why a certain number is reasonable. The lawyer may explain the total through diagrams, use of professional economists and other visual aids based on the length of time or treatment necessary to assist with recovery. The victim of the personal injury may also suffer other issues such as post-traumatic stress disorder or mental anguish if someone died in the accident.
Explanations for the Jury or JudgeSome judges or juries do not understand the non-economic damages or the economic damages necessary to help the victim become whole after the incident. A report or documented facts about economic issues and pain and suffering may provide the necessary details these court authorities and jury panels need to clear up the confusion. Other cases rely on past precedent involving the personal injury damages possible. These applied to the loss of income may increase compensation for all involved and relevant problems the victim may experience.
Legal Support for Lost Income DamagesEven if the lawyer does not hire an expert witness or consult with an economic professional, it is possible to inform the judge or jury of reasonable and fair compensation for lost income to include all other damages related to this issue. Details may increase awareness of connected problems with lost income.
Provided by HG.org
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.