Economic Damages Expert For Personal and Commercial Damages
The economic damages experts at Arrowfish Consulting analyze issues with an independent…Read More
Economic damages like personal injury can be tackled easily
The emotional and financial toll of severe personal injuries or the tragic loss of life can be immense. As experts in calculating economic damages, we employ meticulous analysis to help secure fair compensation.
We document all accident-related expenses, from ambulance fees and medical bills to lost income and household assistance costs. Then, we tally and cross-reference each cost to precisely quantify financial losses. And towards the end, we present well-supported arguments to pursue just remuneration on our client’s behalf.
Our exhaustive process aims to ease financial burdens so healing and moving forward can take priority. With compassion and diligence, our economic damages consultants lend critical support in securing fair recompense for profound personal losses.
Economic damages expert witness in breach of contract case
A breach of contract can lead to serious problems. It can cause companies to lose money, disrupt their operations, and harm their reputation. This is where economic damages experts like us come into the picture.
When a contract is broken, it’s not just about the immediate problem. It can have a domino effect, causing problems that ripple through a company. We step in and carefully look at the situation. We figure out how much money has been lost and explain it in a way that makes sense to everyone involved.
Our work is important because it helps people see the bigger picture. It shows them exactly how the breach of contract has hurt the company financially. This makes it easier for everyone to make smart decisions about what to do next. So, when contracts are broken, our damages consulting team untangles the mess and makes things right.
Economic expert witness to mitigate IP infringement risks
Intellectual property infringements can deal severe financial damage through lost sales, litigation costs, and harm to competitive advantage. Our economic expert witness team fully grasps the breadth of harm IP violations cause and how to accurately calculate resulting losses. Using proven financial modeling techniques, we methodically account for all factors and quantify past and future damages.
Our air-tight analyses give clients well-supported evidence to pursue fair compensation through litigation or settlement. More broadly, our expertise informs business strategies to protect IP rights and prevent costly violations proactively. With over a decade of experience, our economic forensics deliver the clarity and confidence clients need to manage infringement risks and economic impacts.
Business valuation for accurate value of incurred losses
From breach of contract to tortious interference to impaired asset value, and more, economic damages can result from just about anything. Our economic damages analysis expert conducts thorough valuations to determine a precise value of lost earnings and profits.
We analyze the company’s financials, properly contextualize them, and apply the most relevant valuation methodology, whether discounted cash flow analysis or market-based approaches. We adjust for company-specific factors that impact value and take a reasonableness check from different angles.
Our valuations are supported by objective data and analytics with transparent calculations. This protects clients from under-compensation or claim denial. Our approach provides clients with an accurate, comprehensive economic loss valuation they can rely on for a smooth transaction.
7-Step Process to Avail Our Economic Damages Expert Service
1
Initial consultation
The consultation is to understand your specific situation and goals for the case fully. Our discussion would thoroughly cover the services required to accurately determine your economic damages.
2
Evidence gathering
Our team would comprehensively gather and review all relevant documents, data, testimony, and other evidence to accurately quantify the financial losses you incurred.
3
Damages analysis
Using widely accepted methodologies, we would perform an in-depth analysis to carefully calculate the full extent of the damage resulting directly from the defendant’s actions.
4
Expert report
We would thoroughly summarize our analysis, conclusions, and all supporting evidence in a comprehensive expert report conclusively presenting our opinion on the complete magnitude of your economic damages.
5
Testimony
If required, our economist expert witness will clearly explain the analysis and unequivocally convey the conclusions in court or deposition to authoritatively communicate the full extent of your damages.
6
Rebuttal
We would comprehensively address any criticisms of our analysis and provide exhaustive, factual support for our conclusions as needed.
7
Case resolution
Our economics expert witness team will assist you throughout the process until the case is fully resolved through settlement, trial, appeal, or other means.
How Does Arrowfish Help with Economic Damages?
The economic damages experts at Arrowfish Consulting analyze issues with an independent perspective in order to provide objective litigation support and expert witness testimony on economic damages for cases in court proceedings, arbitrations, mediations, and before governmental agencies.
Our experienced, multi-disciplinary team of forensic accountants and forensic economists offer reliable and easy-to-understand expert witness services in a wide variety of litigation matters and across a wide array of industries.
Our Economic Damage Services Include (but don’t limit to)
Our economic damages experts have acted both as consulting experts and expert witnesses in both State and Federal court in jurisdictions across the country on matters such as:
- Personal Injury and Wrongful Death
- Wrongful Termination and other Employment Matters
- Breach of Contract
- Breach of Fiduciary Duty
- Product Liability
- Unfair or Wrongful Competition
- Predatory Pricing
- Misappropriation of Trade Secrets
- Intellectual Property Infringement
- Insurance Claims
- Business Interruption or Destruction
- Fraud Investigations
- Business Valuation
- Marital Dissolution (Divorce) or Partnership Dissolution
Read more about our economic damages expert witness services relative to Personal Injury and or Commercial Damages matters.
Why Choose Arrowfish as Your Economic Damages Expert?
Expertise
Our team has accumulated over 200 years of collective expertise, reinforced by an impressive array of over 20 advanced certifications and degrees. This unparalleled depth of knowledge empowers us to provide elite-level service.
Precise Analysis
We conduct rigorous analysis that yields conclusions of unmatched accuracy and clarity. We present our findings in a lucid, easily digestible manner, leaving no room for ambiguity.
Timely Delivery
We recognize the critical importance of responding promptly to our client’s needs. Our commitment to providing timely service sets us apart from competitors and helps forge lasting partnerships.
Personalized Attention
We view each client relationship as a valuable collaboration. Our clients are true partners, not just transactions. We tailor our approach to meet each client’s unique requirements and priorities.
Passion & Dedication
Our team brings energy, enthusiasm, and dedication to every engagement. We are fueled by a passion for excellence and a commitment to surpassing client expectations. Mediocrity has no place here. We settle for nothing less than exceptional work.
Frequently asked questions
What are economic damages?
Economic damage refers to measurable financial losses that an individual, business, or other entity sustains directly from an event or action. These damages are quantifiable in monetary terms and can include lost income, decreased profits, property damage, medical expenses, and other costs.
For example, if a business has to close for repairs after a storm, the economic damage would include lost income and repair costs, among others. Or if an individual misses work due to an injury caused by negligence, their economic damages could cover lost wages, medical bills, and other quantifiable losses stemming from the injury.
The key factors are that such damages must be tangible, quantifiable losses that can be clearly attributed to the specific action in question.
What is non economic damages?
Non economic damages refer to intangible losses that cannot be easily quantified in monetary terms, such as pain and suffering, emotional distress, loss of enjoyment of life, and loss of companionship. Unlike economic damages, they lack a clear monetary value.
These subjective, non-monetary losses are meant to compensate an injured party for harms that have no calculable dollar value. For instance, the impact of an injury on a person’s well-being and quality of life.
What is economic damages assessment?
Economic damages assessment involves analyzing and quantifying financial losses resulting from an injury, accident, or other harmful event. Economists or forensic accountants often perform it as expert witnesses in legal disputes.
The goal is to accurately measure past and future economic harm to an individual or business in monetary terms.
The resulting dollar amounts provide critical evidence in settlement negotiations and court proceedings when determining liability and compensation.
What types of cases require economic damages assessment?
The following are some of the most popular cases that require the help of an economic damages expert:
- Personal Injury and Wrongful Death
- Wrongful Termination and Other Employment Matters
- Breach of Contract
- Breach of Fiduciary Duty
- Product Liability
- Unfair or Wrongful Competition
- Predatory Pricing
- Misappropriation of Trade Secrets
- Intellectual Property Infringement
- Insurance Claims
- Business Interruption or Destruction
- Fraud Investigations
- Business Valuation
- Marital Dissolution (Divorce) or Partnership Dissolution
How are economic damages calculated?
These are calculated by estimating the monetary losses suffered by an injured plaintiff as a result of an accident, injury, or other legally compensable event. Economic experts often analyze an injured plaintiff’s work history, medical records, and financial documents to arrive at reasonable estimates for losses.
What is the “but-for” principle in the assessment of such damages?
The “but-for” principle serves as a guiding framework for determining the financial impact of a specific event or action. Essentially, it asks the question: What would have been the economic outcome “but for” the incident in question? In other words, it helps quantify the difference between the actual financial situation and the hypothetical scenario where the event did not occur. This principle is crucial in legal and financial contexts, aiding professionals in calculating accurate compensation or restitution figures.
How important is an economic damages expert witness in such cases?
A skilled economic damages expert witness brings a level of credibility, analysis, and specialized knowledge that is invaluable to both the court and the parties involved. They assess complex financial data, to calculate and present accurate assessments of economic losses. This testimony aids judges and juries in comprehending intricate financial intricacies, enabling them to make informed decisions.
How do economic damages experts work with attorneys?
Economic damages experts play a crucial role in assisting attorneys in legal cases involving financial compensation claims. They provide their specialized knowledge and expertise to help attorneys assess and quantify the economic losses suffered by their clients.
The collaboration between economic damages experts and attorneys typically begins with a thorough review of the case facts, including relevant financial documents, testimonies, and other evidence. The expert then applies their economic knowledge and analytical skills to evaluate the impact of the alleged wrongdoing or event on the client’s financial well-being.
They also consider future losses and present their findings in a clear and concise manner, often in the form of expert reports or testimony.
Attorneys rely on the expertise of economic damages experts to strengthen their legal arguments and support their client’s claims for financial compensation.
Can economic damages include loss of business reputation?
Yes, they indeed can. While economic damages typically refer to financial losses incurred as a result of wrongful actions or negligence, the impact of a damaged reputation can have significant financial implications for businesses. A tarnished reputation can lead to a loss of customers, decreased sales, and, ultimately, a decline in revenue.
In legal cases, if it can be proven that a party’s actions directly caused harm to a business’s reputation, the court may ask to compensate for the financial losses suffered. These damages can cover immediate losses and future projected losses due to a damaged reputation.
Are punitive damages considered economic damages?
No, they are not. Economic damages are typically awarded to compensate a party for financial losses resulting directly from an injury or harm caused by another party’s actions.
On the other hand, punitive damages are awarded to punish the defendant for their reckless or intentional conduct and to deter others from engaging in similar behavior. Punitive damages go beyond compensating the victim and aim to impose a financial penalty on the wrongdoer.
Can economic damages be mitigated by the plaintiff?
Mitigation involves the plaintiff making reasonable efforts to minimize the impact of the defendant’s actions on their finances. This can include actively seeking alternative employment, reducing expenses, or exploring other income-generating opportunities.
The principle of mitigation is based on the idea that the plaintiff should not be entitled to recover damages that could have been reasonably avoided. However, the plaintiff is not expected to take unreasonable or burdensome measures to mitigate their losses.
Ultimately, the extent to which economic damages can be mitigated by the plaintiff will depend on the specific circumstances of the case, the availability of alternative options, and the reasonableness of the efforts made by the plaintiff.