When you file a personal injury claim, you are seeking compensation for:

  • Medical Expenses
  • Loss of Earning Capacity
  • Pain and Suffering
  • Emotional Distress
  • Spouse‚Äôs Loss of Consortium

You are entitled to recover money for the loss of earning capacity. This does not mean that you will only be compensated for actual lost income but also for the loss of ability to earn income in the future. Furthermore, you are also entitled to recover money for the decrease in your ability to make money in the future; you may continue working but have to work at a reduced level of income.

CALCULATING LOSS OF WAGES

  • Present Lost Income
  • Future Lost Income

When determining the value of future lost income factors that should be taken into account are:

  • Inflation
  • Anticipated Promotions
  • Anticipated Pay Raises
  • Commissions
  • Bonuses
  • Tips
  • Reduction in Work Skills due to injury
  • Lost Retirement Credits
  • Lost Insurance Benefits
  • Lost Sick Leave
  • Lost Vacation Leave

Sometimes in a personal injury claim, your attorney will retain the services of an economic expert in order to properly calculate the true value of lost wages. A Forensic Economic Expert has experience handling these types of personal injury cases. The expert will look at factors like age, physical or mental impairments, employment history, job skills, education, employer evaluations, earnings history and economic lifestyle. The expert then creates a profile of past and present economic facts to begin to formulate the value you will lose in future years, using life expectancy tables if you will never work again, earnings of others with your educational and experience levels in your occupation, inflation, social security and other benefits, plus other statistical data.

The calculation of what you are entitled to recover in a personal injury claim is complex. It requires attention to detail and an experienced attorney’s knowledge of personal injury law. Contact the Law Offices of Randy C. Botwinick so we can assist you with your personal injury claim.