Frequently Asked Questions (FAQs) About Forensic Economics

In which regions or locations do you provide your services?

We provide expert forensic services across the United States and Canada. To date, we’ve worked on behalf of thousands of attorneys in dozens of state and federal courtrooms. If your case is in North America, give us a call.

What are the fees and pricing structures for your services?

Our fee schedule includes an hourly rate for research and consultation, a minimum retainer for damage analysis, and specific fees for deposition and trial testimony. Travel is billed at the standard hourly rate. See the bottom of the linked page for more information about our fee schedule.

Are there minimum damages to consider before hiring a forensic economist?

Generally, if a case involves damages of $100,000 or more, it’s worth considering an economic expert. In personal injury or wrongful death cases, many economists offer preliminary damage estimates informally for a nominal fee, providing an initial perspective on economic damages without needing full documentation.

How can an economic expert increase the chances of a favorable outcome in my case?

A skilled economist brings valuable insight to a case, helping clients achieve favorable outcomes that often offset the cost of fees. An economic expert’s input can save a client millions with fees under $10,000. Economists offer strategic value, helping to clarify damages and refine economic loss estimates when there’s a solid business case for their involvement.

Do you calculate non-economic damages like pain and suffering?

No. We focus exclusively on calculating economic damages. Non-economic damages are inherently subjective and require specialized assessments outside of economics. These are generally addressed by other professionals, such as legal experts, vocational specialists, or medical professionals, who assess individuals’ personal and psychological impacts. Our role is to provide objective, data-driven insights on the financial aspects of a case, complementing these non-economic damage evaluations.

How do you project work life expectancy?

An individual’s earnings capacity along with educational attainment are the key metrics for projecting work-life expectancy. We analyze age, education, gender, occupation, health, skills, and labor market conditions to estimate a person’s potential earnings over their career span, which helps us forecast how long they will likely remain in the workforce and at what income level. Then, we adjust these projections for expected interruptions, industry trends, and retirement age, creating a realistic picture of an individual’s work-life expectancy through their earnings capacity.

How will you work with our team throughout the case preparation process?

Economists assist throughout the litigation process. Before a complaint is filed, they estimate damages and support negotiation strategies. They gather data, critique opposing reports, and develop deposition questions during discovery. In the pre-trial and settlement phases, they evaluate offers, create decision trees, and clarify damage estimates. They present expert testimony at trial and prepare comprehensive binders with reports, exhibits, and questioning scripts to enhance clarity and credibility.

What’s your typical process for presenting economic damages?

Our process for presenting economic damages begins with thoroughly reviewing all relevant materials, such as financial records, employment history, and medical reports. Next, we form assumptions and opinions based on the case specifics, considering factors like market conditions, career trajectory, and potential earnings. Finally, we provide a detailed analysis quantifying economic damages, including lost wages, future earning capacity, and benefits, to deliver accurate, defensible findings that attorneys and courts can clearly understand.

What types of torts do you work on?

We handle tort cases in various areas, including:

Our role is to provide objective economic analyses to assist plaintiffs and defendants in assessing the financial impact of these types of harm. “Mention what we don’t work on” – What doesn’t Knowles work on?

Do you work with the plaintiff and defense?

Yes, we work with both plaintiffs and defendants, providing objective economic analyses to support each side’s case. We focus on delivering reliable, data-driven insights into economic damages across various tort cases, ensuring clarity and accuracy for all parties involved.

Do you work with the plaintiff and defense?

Yes, we work with both plaintiffs and defendants, providing objective economic analyses to support each side’s case. We focus on delivering reliable, data-driven insights into economic damages across various tort cases, ensuring clarity and accuracy for all parties involved.

Are you an attorney?

No, we are not attorneys. Attorneys retain us to provide specialized economic analysis for litigation. Our role involves calculating and presenting economic damages, assessing lost earnings, and evaluating financial impacts to support the plaintiff or the defense. We don’t provide legal advice. We offer expert financial insights that attorneys use to build or defend their cases in court.

When should you use a forensic economist versus a forensic accountant?

Economists and accountants have complementary roles. Economists are typically involved when cases require economic modeling, market analysis, or statistical forecasts. Accountants focus more on financial data, tax implications, and cost analysis. Both professionals may collaborate in complex cases to address distinct but interconnected financial and economic factors.

What is your typical timeline for delivering a report?

It’s best to approach us as early in the process as possible for us to have enough time to develop a strategy gather data and complete calculations. While preparing a report may take a few weeks, it can take additionaladditonal time to gather all necessary documents for us to create the report. This is why we recommend attorneys contact us as early as possible. We will provide an expected timeline during your complimentary case consultation.

What are common challenges in estimating economic damages?

Some common challenges include selecting appropriate past and future earnings benchmarks, the loss duration, and accounting for any “but-for” factors that could impact earnings. These elements are often points of debate and require careful analysis to provide a robust and defensible estimate of economic damages.

Do you work on plaintiffs’ settlement demands in pre-litigation?

Typically, we don’t handle pre-litigation settlement demands because these claims often come with tight deadlines that our detailed economic analysis process cannot meet. We focus on providing comprehensive support for cases already in litigation, where timelines allow for a thorough and accurate evaluation of economic damages.

Do you work on plaintiffs’ settlement demands in pre-litigation?

Typically, we don’t handle pre-litigation settlement demands because these claims often come with tight deadlines that our detailed economic analysis process cannot meet. We focus on providing comprehensive support for cases already in litigation, where timelines allow for a thorough and accurate evaluation of economic damages.

How do you approach providing expert witness testimony in court?

Our approach to expert witness testimony involves clear, data-driven analysis presented in understandable terms for a non-technical audience. We apply our experience to distill complex economic principles into concise, impactful insights. This includes preparing exhibits, detailed economic analysis, and strategic support to assist attorneys during cross-examination. We aim to make complex economic calculations accessible and defensible, enhancing clarity and credibility in state and federal courts.

What documents or information will you need to perform your analysis?

We typically require employment records, tax returns, medical records, other forensic opinions, and financial statements for economic damage cases. Additional documents like profit and loss statements, balance sheets, industry reports, and projected revenue data are needed in business valuation and lost income cases. Property appraisals, purchase agreements, and market value analyses are essential for real estate disputes. These documents enable us to provide accurate, tailored assessments based on the specifics of each case.

What steps do you take to ensure the accuracy of your economic projections?

We perform our analysis the same if we were retained by the plaintiff or defendant. In other words, our firm would utilize the same set of assumptions and methodologies when retained on behalf of the plaintiff or defendant. The analysis and presentation is consistent over time.