In personal injury cases, lost wages are a critical component of the damages sought by the plaintiff. While calculating lost wages might be a straightforward matter in some cases, it becomes far more complicated when dealing with severe injuries that result in short- or long-term disability. This is where the services of vocational and financial experts become essential.
One of the primary challenges is establishing that the victim is indeed unable to work. The defense might dispute this claim, arguing that the plaintiff can still perform some form of work, or at a reduced capacity. In this case, both sides may need to hire competing vocational experts to testify on change in the victim’s earning potential due to their injuries. These experts can help the jury understand the physical limitations of the plaintiff and the impact these limitations have on their ability to work.
Once the issue of work capacity is established, the next step is to calculate the value of the plaintiff’s lost wages. This involves understanding the victim’s pre-injury earnings, the duration of the lost wages, and any potential future earning capacity. The plaintiff’s financial expert will also need to present supporting evidence, such as tax records and pay stubs, to establish the extent of the plaintiff’s lost wages.
Adjusting for lost inflation is another critical component of the lost wages calculation. As time passes, the value of money decreases due to inflation, meaning that the plaintiff’s lost wages would be worth less if they were paid out in the future. To account for this, the financial expert will need to present evidence of inflation rates and calculate the present value of the lost wages.
Finally, it’s essential to present this information in a way that the jury can understand and connect with. This means finding a financial expert who is not only knowledgeable, but also personable and able to explain complex financial concepts in an accessible way. The expert should be able to provide clear and concise testimony that helps the jurors understand the full value of the plaintiff’s lost wages and lost employment benefits.
At Guidepoint Legal Solutions, we understand the importance of finding the right vocational and financial experts for your case. Our extensive network of experts includes professionals in all areas of finance, as well as any other topic you may require. We help attorneys identify experienced expert witnesses who are comfortable on the witness stand and can effectively communicate complex information to the jury.
By working with Legal Solutions, attorneys can access a network of experienced experts to help them build the strong case needed for a successful outcome for their clients. Contact us today to learn about how our services can support all your legal needs before, during, and after litigation.