Economic Damages for Personal Injury Cases in Dallas
Our Economic Consultants Are Here to Help
Personal injury claims can languish for months or years or be denied without reliable and accurate information depicting the true value of economic damages. Counsel often focuses more on non-economic damages in personal injury cases, such as pain and suffering. However, experienced economic damages experts greatly increase the value of a plaintiff’s claim for actual damages by accurately calculating and defining the various economic losses suffered due to an accident and injury.
Economic consultants in Dallas play a vital role in personal injury cases. At Thomas Roney LLC, our team has decades of experience establishing economic damages in Dallas personal injury cases, providing expert testimony supporting our evidence, and disputing opposing expert witnesses. We are a top economic consulting firm collaborating with attorneys throughout the United States to create an accurate picture of plaintiffs’ financial state before, during, and after an accident and injuries to ensure maximum compensation.
What Are Economic Damages?
Economic damages refer to the actual costs you incurred due to the accident and injuries and are crucial in personal injury cases for quantifying the financial burden you suffered. Economic damages include but are not limited to:
- Medical Expenses: All costs associated with your injuries, including doctor’s appointments, hospitalizations, diagnostic testing, prescription medications, and rehabilitative therapies.
- Lost Wages and Future Earning Capacity: Cost of income you have not earned due to the accident and future income you will be unable to earn due to serious or permanent disability.
- Property Damage: Repair or replace damaged vehicles and personal property costs.
- Psychological Treatment: Costs of mental health treatment for emotional distress and trauma caused by the accident.
- Home Modifications: Expenses to renovate your home to accommodate wheelchairs, limited mobility, and other health conditions.
- Out-of-Pocket Expenses: Miscellaneous expenses such as transportation for medical appointments, childcare, home health aides, housekeeping services, or adaptive equipment.
Economic damages for items with bills or receipts can be calculated and recovered quickly. Others may be recovered when they occur in the future, such as medical expenses or lost earning capacity. Expert testimony by forensic economists quantifies estimated future economic damages you are entitled to with unknown costs. Personal injury lawyers work closely with forensic professionals to assess and value your claim for future expenses, which are typically higher.
What Does an Economic Consultant Do?
The National Association of Forensic Economics defines the profession as a scientific discipline that applies economic methods and theories to legal matters. An economic consultant, or forensic economist, calculates the full effects of all economic losses an accident victim may have suffered by applying important statistics and mathematical formulas, such as inflation, growth rates, and life expectancy, to damages such as future medical bills and lost wages. Forensic economists can demonstrate that an accident victim’s economic loss is considerably higher than initially thought.
Forensic economists are generally a valid investment in serious personal injury cases, particularly cases involving permanent disabilities. They are hired by experienced personal injury lawyers to maximize the compensation clients deserve.
At Thomas Roney, LLC, our economic consultations in Dallas are exceptionally experienced in assisting personal injury cases by providing expert testimony for claims about a wide range of accidents, including but not limited to:
- Animal attacks
- Bicycle and pedestrian collisions
- Car or motorcycle accidents
- Commercial truck accidents
- Dangerous products and premises
- Exposure to hazardous substances
- Medical malpractice
- Wrongful death
How Can Thomas Roney LLC Benefit Your Case?
Juries often do not know how to determine a dollar amount for pain and suffering. Frequently, in the absence of a finite figure, juries multiply economic losses by an arbitrary number, often grossly understating actual losses. When economic losses are not accurately assessed and quantified, arguments for other damages are challenging to support.
Thomas Roney LLC understands the challenges you may face throughout the case. We provide accurate estimations of economic damages and valuable evidence to present your case and demand the appropriate damages.
Recruiting our economic experts throughout the discovery process is crucial for developing a strong strategy and facts in the case. Our team can investigate your case, find your weaknesses and strengths, and create a credible, focused, and accurate report.
Economic experts can support and strengthen your case by providing advice on economic issues in interrogatories, demonstrating evidence supporting damage estimates, helping to attain the proper damages, and challenging opposing experts’ opinions and assumptions. We can provide significant assistance with issues such as:
- Estimating future damages.
- Calculating economic losses, including medical costs, stock options, benefits, profits and wages, household services, and other relevant and associating damages.
- Adjusting taxes or personal consumption.
- Assessing opponent’s expert reports.
Our Dallas forensic economists have extensive experience assessing damages to provide a clear pre- and post-financial picture to support your case. We offer expert opinions regarding current and future damages to ensure your client recovers maximum compensation for their injuries, losses, and pain and suffering they have endured.
Our Dallas Economic Consultants at Thomas Roney LLC Assess Economic Damages in Personal Injury Cases
Developing a comprehensive and accurate depiction of economic damages is crucial in personal injury cases to ensure that plaintiffs recover the maximum compensation they deserve. Our Dallas economic consultants at Thomas Roney LLC collaborate with personal injury attorneys nationwide and have decades of extensive experience assessing economic damages and providing expert testimony. To learn more about our services or schedule a free consultation, call 817-733-6333 or contact us online. Located in Fort Worth, Dallas, and Houston, Texas, as well as Atlanta, Georgia, we also serve clients in Denver, Colorado, Louisville, Kentucky, and Nashville, Tennessee.