Economic Loss Reports
We provide litigation support for personal injury, wrongful death, wrongful termination, depositions, and court testimony. We have over ten years of experience serving the legal community with economic reports prepared for attorneys and have qualified as an expert in State and Federal Court.
The three forms of forensic accounting practice—litigation support consulting, expert witness testimony, and auditing alleged incidents of fraud—require finding, analyzing, interpreting, and presenting accounting, statistical, financial, and economic data. The expertise and ability to articulate a position is an indispensable quality of an expert witness. An inquisitive and investigative mindset is necessary to identify errors in calculations of financial data.
The importance of proper valuation of economic loss is to ensure that owners of destroyed or lost commercial properties receive fair compensation. To compute economic loss, an expert should consider other factors, such as inflation, proper discount rates, productivity gains, and job promotions. Including fringe benefits, such as profit-sharing, employer Social Security contributions, group insurance, and vested pension rights, can also help counter opposing counsel’s “what if” questions.
A forensic expert constructs a profile of past and present economic facts from which to begin projections of value lost in future years. This entails developing statistical data based on reliable tabulations of such averages as life expectancy tables, earnings of individuals in the same age group, earnings according to education level and occupation, consumer price index (local or national), productivity index, or other well-defined statistics from government or well-known private sources.
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