Forensic Economics Blog

When an injury or illness results in a lifetime of medical care, the legal system needs a reliable way to put a dollar figure on the cost of that care. A life care plan documents those future needs in detail. A forensic economist then calculates their value. Together,...

The average U.S. salary serves as a crucial benchmark in both economic and legal analysis. It helps forensic economists establish realistic expectations of what individuals earn across the general population, forming the foundation for economic damage calculations in...

Determining lost wages for a self-employed individual during a personal injury claim is one of the most complex areas of economic damage assessment. Unlike traditional lost wage calculations based on consistent pay records, self-employed lost wages are often...

Failure to treat is a specific medical malpractice claim that carries severe medical and financial consequences. When a provider does not act on a known condition, the result is often worsening illness, permanent disability, or even death. For patients and families,...

A credit rating is more than just a number on a credit report. It is a measure of financial trustworthiness that influences nearly every aspect of a person’s economic life. A strong credit history opens the door to affordable loans, housing opportunities, reasonable...

Interest rates profoundly impact the calculation of economic damages in litigation. As interest rates rise, the stakes become higher for plaintiffs, defendants, and their attorneys, influencing everything from settlement negotiations to courtroom arguments....

In legal cases involving lost earnings, such as those related to personal injury, employment disputes, or wrongful death, economic damages often extend beyond base wages. Certain fringe benefits, like health insurance, retirement contributions, bonuses, and paid time...

Future medical expense valuation is the process of estimating the cost of medical care a person will likely need after the trial or settlement. In litigation, these expenses often make up a significant portion of the total economic damages claimed, especially in cases...

In legal disputes with economic damages, the focus often falls on lost wages, salaries, or other direct cash payments. However, a significant portion of a person's total compensation can come in a different form: income in kind, the non-cash benefits or goods provided...

In catastrophic injury cases, the cost of long-term care (LTC) is often one of the most significant components of economic damages. Unlike aging-related eldercare, injury-related LTC can last for decades and require intensive medical and support services starting at a...

Railroad work is a dangerous occupation that exposes workers to sudden railroad accidents and long-term toxic hazards. When serious injuries or illnesses occur, the financial consequences can be complex and difficult to quantify without specialized expertise....

Life expectancy is a critical factor in forensic economics that guides damage calculations in various legal disputes. From personal injury to lost business profits, understanding how long an individual might reasonably be expected to live directly informs the scope of...

Determining the value of a misdiagnosis lawsuit is complex, with settlements ranging widely based on factors like medical costs, lost income, and the long-term impact on quality of life. While some cases settle for modest amounts, others have resulted in...

Forensic economists play an important role in legal cases involving complex financial disputes. They clarify economic issues influencing the case's outcome using their expertise in economic damage calculation and explaining financial evidence in ways that judges and...

Economic damages play a critical role in many legal cases, serving as a quantifiable way to compensate plaintiffs for financial losses incurred due to another party's wrongdoing. These damages focus on measurable losses, such as lost wages, medical expenses, and...

Hospital lawsuits are a significant aspect of medical negligence cases, often filed when errors in care lead to long-term injuries or death. These lawsuits typically involve complex financial issues, as plaintiffs and their families seek compensation for the economic...

Harassment can arise in various environments, including workplaces, educational institutions, and online platforms, affecting individuals across different sectors and roles. Forensic economists play a critical role in calculating economic damages in harassment...

Earning potential, also known as earning capacity, is a concept that impacts both individuals and businesses. At The Knowles Group, we specialize in providing expert forensic economic analysis to accurately determine earning potential in various forms. Our economic...

Accurate damage calculations are essential for ensuring fair compensation in negligence cases, which require a thorough analysis of the impact on the plaintiff’s financial situation. Forensic economists play a vital role in this process, utilizing their expertise to...

Understanding dental malpractice claims is important for legal professionals, clients, and healthcare providers. These claims can significantly affect the quality of life for both plaintiffs and defendants, highlighting the importance of resolving malpractice claims...

Understanding the nuances of damages is crucial for all parties involved in civil litigation, such as personal injury cases and medical malpractice cases, whether attorneys crafting legal arguments, plaintiffs seeking compensation, or defendants defending against...

Assault and battery cases, initially criminal, can evolve into civil personal injury settlements. Plaintiffs of assault and battery often endure damages that can be as severe as physical and mental impairments for which they can seek compensation.  The complexities of...

The question of how much the average American earns over a lifetime is not just a matter of curiosity but an essential task required in various legal cases, including wrongful death lawsuits, accident settlements, medical malpractice claims, and more. An individual's...

When a child suffers a birth injury due to medical malpractice or negligence, the parents may have grounds to file a birth injury medical malpractice lawsuit. Forensic economics plays a crucial role in birth injury litigation. As expert forensic economists, The...

The COVID-19 pandemic has brought about unprecedented challenges for the global workforce, leading to a rise in employment discrimination and wrongful termination examples across the country. Given the unusual nature of the COVID pandemic, these cases present unique...

One of the primary damages pursued in business litigation cases is lost profits damages. To recover these damages, the plaintiff must demonstrate how the defendant's actions directly caused those losses. Then, with causation proven, those damages must be quantified...

Lost wages are vital in determining the value of any lawsuit causing lost compensation, such as a personal injury case. Expert forensics must consider a range of variables when calculating lost wages. These variables create complex situations, often requiring the help...

When businesses suffer a disaster such as a fire, flood, or storm, the damages caused can significantly reduce their value. In these unfortunate circumstances, a business owner may need to complete a comprehensive business valuation to determine their company’s...

Many lawsuits, particularly personal injury cases, where the plaintiff suffers severe or permanent injuries, involve lost earning capacity and/or future medical expense damages. When seeking these damages, the plaintiff's legal representation must reduce the amount of...

When an employer hires an employee, salary or hourly wages are often only a portion of the employee’s total compensation package. The rest of the compensation package usually includes additional forms of compensation known as fringe benefits or employee benefits....