One reason that we turn to the help of expert witnesses, is because the court has very specific rules about what type of testimony will be allowed in court. One of those rules states that witnesses cannot merely guess or speculate about what might happen in the future to a plaintiff disabled from a truck crash or car wreck. Instead, the court’s rules require us to use an expert witness—in this case an expert economic witness–to provide trusted and reliable information about future economic losses. We have used economists, college economics professors, accontants and other forensic specialists. Expert witnesses who testify about your future economic losses take into consideration a number of complex factors that an average person cannot testify about:
- Statistical information about how long you could have been expected to work and at what wage level had you not suffered injury, given your age, education level, experience, and other factors
- Statistical information about your earning potential with your injury, considering the severity of the injury, the types of jobs now available to you, and other factors
- Information and calculations about how your future wages might have earned interest or might have been invested
- Complex calculations that consider interest and inflation rates in order to tell the jury the ‘present value of your money’—that is, what the wages you would have earned in the future are actually worth in today’s dollars
These are just a few examples of information for which the court requires expert testimony for. But beyond what the rules require, expert witnesses provide very valuable information to the attorneys working on your case and help add value to individual cases. Among other things, qualified and experienced economics experts can help attorneys in a permanent car wreck or truck crash injury and disability case:
- evaluate a case and make an initial assessment of damages to claim;
- assist attorneys in discovery by identifying the type of documentation necessary to prove damages in court; and
- explain to the jury in simple terms the complex information about economic recovery.
At the end of the day, at the Herndon law firm Abrams Landau, Ltd., we work ensure that the value an expert witness adds to the case in terms of recovery offsets the cost of hiring the expert in the first place. Otherwise, retaining an "econimics expert" would not make economic sense !