How can the expert witness testimony of an economist can help demonstrate the value of your case to a jury?
Winning an accident lawsuit against a trucking company is a trying, challenging ordeal. The best way to make the process as easy as possible is to stack the cards early in your favor. One way that lawyers help prove the various elements of a case to a jury, is through testimony through "expert witnesses". Expert witnesses are people with special knowledge or training who provide testimony in a case, not to tell the jury what happened like an "eyewitness", but, instead they explain things that are technical in a way that a jury can understand. For example, The expert evaluation by a financial professional will analyze the damages for the purpose of forecasting the long-term financial effects that your accident has taken on you, and will continue to take (i.e. someone who can help you prove your losses).
Covered in This Article
- What is the Purpose of an Economic Analysis?
- How Can an Economist Help My Case?
- Grossman Law Offices: It Just Adds Up
What is the Purpose of an Economic Analysis?
A major element of winning personal injury lawsuits is proving damages, and of these damages, you need to be thorough, inclusive, and accurate, or else the defense will have a leg to stand on where it normally would not. A solid economic analysis, usually performed by a professional economist, can shield your side's account of costs from undue criticism, while strengthening your overall claim to the jury.
An economic analysis goes about proving two things: establishing the quantitative damages of a case, and placing reasonable values on qualitative damages. In dealing with the former, some figures are easy enough to prove without an economic analysis, such as bills. Where this exercise really shines, though, is in amounts that would extend into the future. For example, "worklife," the number of years that you or a loved one would be working accident-free, is worth something. Though how much it is worth depends on a variety of complex issues, such as salary growth rate, future expectations, inflation, growing costs, and deprivation of the ability to earn a pension. Lining all of this up is a great challenge for someone unfamiliar with the economic analysis.
Their assistance becomes even more significant when we arrive at the qualitative concerns of cost calculation. What are lost years of your life worth: $100,000? $200,000? A million? The simple fact is that nobody knows for sure what the verdict would be in any one case, since this loss extends to nearly every quantitative loss in at least some way. On that note, intangible losses are also challenging to include in an overall "formula" of damages. This is exactly where an economist can come in handy.
Beyond his or her services of analysis, what else can an economist achieve when working as an expert witness for you and Grossman Law Offices?
[iparticle id=2]How Can an Economist Help My Case?
It's one thing, as a jury member, to see an endless string of numbers, calculations, and variables; it's an entirely different matter, however, to hear all of those things explained to you by someone who not only knows about them, but can explain it in terms that you could understand. This is the heart of an economist's usefulness to your claim: the communication factor. He or she will address confusion, as well as add context and insight into what the numbers actually mean. Needless to say, a jury that understands you is a jury more likely to vote in your favor - period.
An economist is also a good resource because future contact with the defense may necessitate his or her advice. For example, when both sides have their own experts in economic analysis, it can be much easier to find common ground on issues of fact: since both of their reputations are on the line, the economists from both our side and the defense's will be more than willing to get to the bottom of the matter. Yet when it comes to issues of opinion, having some sort of expert witness on hand regarding analysis is essential to being up-to-par with our opponents.
[iparticle id=1]Hiring An Attorney Makes Sense
The prestige, influence, and just all-in-all usefulness of an economist can more than justify his or her appearance during a lawsuit. Getting everything right is a daunting task, but that is one big reason why we employ economic analysis in the first place. As easy as it is sometimes to prove negligence, it is a whole separate challenge to argue for damages.
With this new information about damages experts as witness, you may have some questions about your potential case. Our attorneys at Grossman Law Offices can evaluate your situation, gauge its potential, and discuss the details with you. We can be reached at (855) 326-0000, toll-free, and we will provide you with a consultation to help you understand the merits of your case.
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