The area of Economic Damages is extremely complex, with approaches to economic damages varying widely across the US legal system (which comprises a complex federal court system, and at least 50 different state jurisdictions). Adding to the complexity are the types of economic damages that can be calculated, depending on the cause of the damage. However, all economic damages claims share the same end goal - to place the plaintiff in the same economic position that they would have been in but for the defendant's wrongful actions or conduct.
Experts are often hired to assist the legal team, the client, and the court in understanding the economic claim. It is the expert's job to translate the complexities of their assumptions and the mechanics of the calculations in a simple manner and to form an opinion as to what the economic damages amount or range of amounts should be.
Often, an expert is not needed in an economic damages claim. For example, when the claim is simply adding up numbers, an expert would not be required to opine on the total. However, when complexities and potentially ambiguous numbers are involved (such as the loss of future profits), an expert should be consulted and potentially hired as an expert witness. In performing a lost profits calculation for economic damages, regardless of the type of claim, the expert must take care to keep their assumptions grounded in reality by referring to the facts of the case, relying on statistics and other quantitative techniques, and using sound and reasonable methodologies.
At TRACE FORENSIC EXPERTS, we work on many different types of economic damages claims. These areas include:
Experts are often hired to assist the legal team, the client, and the court in understanding the economic claim. It is the expert's job to translate the complexities of their assumptions and the mechanics of the calculations in a simple manner and to form an opinion as to what the economic damages amount or range of amounts should be.
Often, an expert is not needed in an economic damages claim. For example, when the claim is simply adding up numbers, an expert would not be required to opine on the total. However, when complexities and potentially ambiguous numbers are involved (such as the loss of future profits), an expert should be consulted and potentially hired as an expert witness. In performing a lost profits calculation for economic damages, regardless of the type of claim, the expert must take care to keep their assumptions grounded in reality by referring to the facts of the case, relying on statistics and other quantitative techniques, and using sound and reasonable methodologies.
At TRACE FORENSIC EXPERTS, we work on many different types of economic damages claims. These areas include: