What Is an Economics Damage Expert Witness

What Is an Economics Damage Expert Witness

Malpractice cases can become incredibly complex very quickly. This is one of reasons they’re so difficult to litigate. While injuries, quality of life, and recovery are all serious concerns, malpractice cases include financial issues as well. Damages have to be carefully considered, calculated, presented, and defended. When you need the assistance of a vetted and verified expert, expert witness services can be quite helpful. Facing a malpractice case may seem like a serious uphill battle, especially for the person suffering through the process. Utilizing the skill and knowledge of an expert witness can make the experience much less difficult to manage.

Expert witness written on keyboard keyEconomic Damage

Money loss if often an issue brought up during litigation. This economic damage can manifest in a number of different ways. It could be due to medical expenses or lost wages. If a person is no longer able to work or unable to continue working in the same capacity, the monetary losses or economic damage is fairly obvious. However, calculating it, analyzing, and conveying this information to jurors demands financial expertise that most people don’t possess.

Economic Damage Expert

Most economic damage experts have backgrounds in business, accounting, or finance. An MBA or accountant would make an obvious choice. Such experts are typically skilled in financial modeling, econometrics, public finance, economic impact, business valuation, data analysis, pricing, property valuation, probability, loss of earnings, earning capacity, macroeconomics, pensions, financial markets, or forecasting.

A business background is helpful to make a solid case that the person has suffered economic damages. Of course, the specifics of the case can have a serious influence on what sort of experience is most appropriate. An artist has different financial considerations than a small business owner. It’s absolutely appropriate to pair the expert to the victim and the details of the case must be taken into account.

Expert Witness

Not every expert makes for a great expert witness. You could find someone who’s a phenomenal forensic accountant or business consultant, but this doesn’t mean they have the ability to convey their understanding to a jury. People who aren’t experienced in a courtroom setting may get nervous and could actually hurt the case.

Every expert witness must be able to communicate the math, reasoning, and research in an understandable and approachable way. This is absolutely vital in a malpractice lawsuit. You can’t expect your jurors to have similar professional backgrounds. Taking the complex and challenging in an easily comprehensible way is a true skill that not every financial or business expert has.

Upset man with dropping graph over topWitness Services

Witness services can make this process much easier. Tracking down someone with the right background, confirming their experience and credentials, and preparing them for court requires a serious commitment and quite significant time investment. This isn’t usually possible. The time and resources simply aren’t available. With witness services, this is significantly smoother and demands minimal hassle.

Matching the right expert witness to the client is part of the job. Consistent and reliable contact with a capable expert makes for a simplified experience. Malpractice litigation is already demanding. There’s no need to further complicate it or introduce unexpected and unnecessary challenges. Whenever possible, malpractice litigation should be made easy and straightforward.

Medical expert witness services can be truly invaluable, but economic damages should be taken seriously and examined carefully as well. A simple error can have major consequences. Contact Reliable Clinical Experts LTD at 1-206-895-3359 if you have any questions or would like to discuss your specific needs.

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