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.
Economic damages 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 economic damages 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 LLC, we work on many different types of economic damage services. These include:
IP Litigation read more ...
Commercial Litigation read more ...
Fraud & White Collar Crime read more ...
Whether you are ready to line up your Economic Damages Expert or if you would like to discuss your best way forward, contact us now.
Frequently Asked Questions
What is the role of your economic damages expert witness?
TRACE FORENSIC LLC assists legal teams, clients, and the court in understanding the complexities of economic damage claims. Our services include
- Case Assessment
- Quantification of Damages
- Expert Testimony
- Damage Mitigation Strategies
- Maintaining Objectivity
What types of cases do you take under economic damages?
TRACE FORENSIC LLC brings its expertise in ascertaining economic damages to the table for the following cases:
- Commercial disputes
- Breach of contract claims
- Personal injury cases
- Intellectual property disputes
- Business valuation matters
Can you help negotiate lump sum settlements in personal injury cases?
Yes, absolutely. At Trace Forensic Experts LLC, our economic damages consultants provide valuable insights into determining an appropriate lump sum payment. We consider factors such as future salary estimations, potential deductions, and reductions. Their expertise aids in achieving a fair and justified resolution that reflects the true economic impact of the injury.
How do forensic economic services benefit?
Our forensic economic services help you objectively evaluate and quantify economic damages. Whether it's a personal injury case, breach of contract, or other commercial disputes, we help you assess the financial impact and aid in negotiations or courtroom proceedings.