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Accounting and Economic Expert Witnesses – What You Need to Know
Imagine you have been injured in a car accident that wasn’t your fault. It could be that you are paralyzed and there’s a good chance you’ll never be able to return to work. Your injuries will result in not just medical bills but also a loss of income and earning power. How much should you be compensated?
In a personal injury case, you are entitled to recover monetary losses caused by an injury. Your attorney may decide to hire an accounting or economic expert witness to testify in court to quantify the amount of economic loss associated with your personal injury.
In the first blog of a new series on the different types of expert witnesses, we will discuss accounting and economic expert witnesses in personal injury cases. The use of expert witnesses by your attorney when an unfortunate personal injury arises can greatly improve your chances of successfully receiving the compensated you deserve.
Accounting and Economic Expert Witnesses: Helpful to Your Case
Accounting and economic expert witnesses can play critical roles in personal injury cases if you have been injured in an accident that caused by another party’s recklessness or negligence. This can include auto accidents, some workplace injuries, slip-and-fall claims, or even if you were hurt in a bar fight.
Expertise is critical when trying to prove damages in a case. Accounting and economic expert witnesses can offer analysis and testimony that is more detailed than regular experts or witnesses. They will collect and interpret financial information and prepare economic damages for personal injury and wrongful death cases. Using financial models, they can calculate how much compensation is necessary to make up for your losses.
Like other experts, accounting and economic experts are hired by personal injury attorneys to provide an opinion both in a report and in court as to the amount of damages associated with your injury. This means they will quantify past and future damages to earnings and medical expenses related to the personal injury.
A personal injury attorney will attempt to show the judge and jury that the economic loss calculated by the expert witness is attributable to the injury. The injury attorney will almost always call a medical expert to testify to collaborate the findings.
In most cases, the defendant’s attorney will hire a rebuttal expert witness to provide a rebuttal report or testimony. Both sides can cross-examine this expert witness. You should not be surprised that even with extensive losses – the defense expert may downplay the impact the accident had on your financial future.
A forensic accountant or economic expert witness is someone may also be retained to explain to the court the economic losses in a wrongful death claim in a personal injury claim due to negligence. For example, if a loved one was killed in the car accident with you. This expert witness will explain what caused the wrongful death and calculate the amount of damages to award the surviving family. This can include medical and burial costs.
If you or a loved one has been injured, contact Beninato & Matrafajlo Attorneys at Law for a free consultation. We have frequently worked with accounting and economic expert witnesses who have had a critical role in helping our clients recover the financial compensation they deserve.