Economic Experts

Types Of Expert Witnesses In A Personal Injury Case: Economic Experts

Economic experts are valuable assets for Buffalo, New York accident attorneys in presenting the facts of a case. Economic experts can make a case more effective by providing litigation support, testifying and addressing the economic issues of a case.

The experts can estimate economic damages to help our clients obtain the best compensation possible. An economic expert can support our clients’ cases by:

  1. Approximating future damages;
  2. Calculating economic losses, including benefits, wages, stock options and future medical costs;
  3. Critiquing the defendant’s expert report; and
  4. Adjusting for taxes and personal consumption.

Injuries resulting from a car accident can leave you with expensive medical bills, can cause a loss in future earnings and can result in future pain and suffering. The testimony and assessment of damages by economic experts can lead to you receiving the best and most accurate compensation possible for your case.

Man showing scales

If you, or a loved one, were seriously injured in an accident, you want the most experienced Buffalo, New York personal injury lawyer to help you obtain the compensation that you deserve. Jed Dietrich, Esq. and his team of top rated and elite personal injury attorneys in Buffalo, New York will not hesitate to hire world-renowned economic experts to help get you the maximum compensation possible for your personal injury accident in Buffalo, New York and beyond. Economic experts played a role in helping Jed Dietrich, Esq. and his team of aggressive, tenacious and hardworking accident attorneys to secure over $175,000,000.00 in settlements and verdicts for their clients. Call us today for a free consultation at 716-839-3939 today.

How Are Economic Experts Qualified?

Rule 702 of the Federal Rules of Evidence states that a witness is qualified as an expert by knowledge, education, skill, training or experience. An expert may testify in the form of an opinion if:

  1. The expert’s specialized knowledge will help the trier of fact better understand the evidence or determine a fact at issue;
  2. The expert’s testimony is based on sufficient data or facts;
  3. The expert’s testimony is based on reliable methods and principles; and
  4. The expert reliably applied the principles and methods to the facts of the case.

The expert’s testimonial will often include disclosure of estimated damages and the reasoning behind the calculations. Both forensic economists and forensic accountants often undertake these calculations. These professionals are especially effective because they can take into account factors such as:

  1. Increased wages due to promotions;
  2. Growth rates and inflation; and
  3. Earning capacity.

These economists and accountants will have a significant amount of formal training and education, typically having an undergraduate and an advanced or post-graduate degree. The most important characteristic of effective forensic economists and forensic accountants is the extent of their prior experience, especially experience with courtroom testimony and depositions.

Jed Dietrich, Esq. and his team of superior Buffalo, New York personal injury lawyers have access to world-renowned, highly experienced and highly educated economic experts to assist in your claim and to fight for your best possible result. Contact the Dietrich Law Firm P.C. now at 716-839-3939 if you, or a loved one, have been seriously injured in an accident. We are available 24 hours per day and 7 days per week to help you. 

How Can An Economic Expert Add Value To A Case?

In a personal injury case, non-economic damages, like pain and suffering, are often heavily focused on by both the plaintiff and defense attorneys. It is very difficult for juries to place a finite value of compensation for pain and suffering and they may ultimately base their decided value on the assessed economic damages. Therefore, it is crucial that economic damages are properly evaluated and quantified.

Economic experts help to properly assess economic damages and strengthen a case in several ways. These include:

  1. Determining what losses are recoverable;
  2. Consulting in discovery; and
  3. Eliminating calculation issues.
Tax return

The economic experts can assist in deeming what economic losses are recoverable by analyzing the plaintiff’s past income tax returns to see how income has been affected following the injury. This can become increasingly complicated if the plaintiff does not receive a set salary or is self-employed because the plaintiff’s income can vary, thus increasing need for an economic expert with specialized knowledge.

Economic experts can also provide guidance in the discovery stage to prepare compelling documents to properly show the extent of economic damages. These documents typically include Social Security Earnings Records, income tax records and documentation of future work benefits. The economic expert can also obtain more in-depth information if the plaintiff is a business owner.

The economic experts will also base their calculations of damages on accurate data and information. This will eliminate many of the issues that can arise by ensuring that the calculation relies on accurate and applicable data found by an experienced professional. The economic expert’s calculations are extremely influential in helping the plaintiff receive the best compensation possible.

If you, or a loved one, were involved in an accident, Jed Dietrich, Esq. and his experienced and elite team of serious personal injury lawyers in Buffalo, New York will not hesitate to hire world-renowned economic experts to assist in your case. Jed Dietrich, Esq. prepares every case as though it will go to trial and is dedicated to aggressively and tenaciously fighting for the best result possible for his clients! Call the Dietrich Law Firm P.C., recognized as a Best Law Firm of America, immediately for your free consultation at 716-839-3939. We are available 24 hours per day and 7 days per week, and there is never a fee unless we win for you!



Call the Dietrich Law Firm P.C. immediately at 716-839-3939 so that our aggressive, tenacious and hardworking personal injury lawyers can fight to obtain the best result for your personal injury claim in Buffalo, New York. We are available 24 hours a day, 7 days a week, and there is never a fee until we WIN for you!

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