Types of Economic Damages Calculated in Personal Injury Lawsuits

Before you can file a personal injury claim or lawsuit on behalf of a client, you need to know how much money to seek in compensation for them. The insurance company will carefully comb through the evidence you present before they formulate an initial settlement offer. Be prepared for them to challenge the nature of the damages your client is seeking, regardless of whether you are filing a claim or lawsuit. An experienced lawyer may need to work with experts to understand the damages because personal injury victims may be paid for how they have suffered in the past and what they may endure in the future.

How Much Are Medical Expenses Worth in a Personal Injury Case?

Medical expenses are one of the main elements of personal injury economic damages. The responsible party must pay for expenses that have already been incurred and those that would be necessary for the future. If the health insurance company has already advanced money for the accident victim’s care, they would have a medical lien against the settlement to be reimbursed for what they have already spent. Furthermore, there is some uncertainty relating to future medical costs that you need to nail down before you file the claim for your client. The last thing a client needs is to use all of the money from the settlement for medical care when they are still dealing with other damages that cost them money.

Calculating medical expenses is vital because that is how the insurance company may try to compute the pain and suffering damages. Depending on the severity of the injury, they may use the multiplier method to arrive at a number that they will offer your client in settlement negotiations. Therefore, you need to understand what care you may require in the future because much of the claim may be based on that. You may also need to argue that the client is unable to work, which would be partially based on the extent of the medical care they would need down the line.

What Can a Client Get for Lost Wages in a Personal Injury Lawsuit?

Lost wages is an essential element of any personal injury claim. Your client can be compensated for the time they have missed from work, whether it is because they were unable to work at all or needed to take a significant amount of time off from work to go to medical appointments and rehabilitation. The accident victim can be paid whether they have used sick leave or any other personal time off.

Lost wages also include any reduction in your client’s earnings capacity. One may still be able to work, albeit not to the same extent as before the personal injury. For example, there may have been a promotion that one could have qualified for if they were physically able. Alternatively, an accident victim may not be able to do the same work they did before their injury and have to shift to a lower-paying job. The responsible party must compensate your client for any money they could have earned from work but can no longer afford to because of their injuries.

Personal injury attorneys often work with economic experts to know how much to demand in a claim. Even though an attorney has extensive experience from their practice, they may often need to work with someone with even greater knowledge. Insurance companies will review the damages with a fine-tooth comb because they often do not want to pay the total amount. Thus, an attorney must be in a strong position to go to bat for their client to the fullest extent. Since you have the burden of proof as an attorney to show the exact scope of the damages, it makes sense to get extra help in complex cases.

Contact the Skilled Dallas Economic Consultants at Thomas Roney LLC Today

If you want to learn more about valuing a personal injury case, contact the Dallas economic consultants at Thomas Roney LLC. We offer free initial consultations, and you can schedule one by calling us today at 817-733-6333 or contacting us online. We have offices in Fort Worth, Dallas, and Houston, Texas as well as Atlanta, Georgia, and we also work with clients in Denver, Colorado, Louisville, Kentucky, and Nashville, Tennessee.