Lost compensation is a method of capturing economic damages in personal injury, medical malpractice, wrongful termination, failure to promote and other similar torts. Independent damages experts are often employed to calculate lost compensation because of their unique background/skill set. However, the desire to minimize costs means that these experts are often employed after settlement efforts failed. This presents a difficult situation for counsel who are negotiating settlement without the benefit of the expert’s opinion regarding damages.
An interactive settlement tool, developed by independent damages experts, may provide counsel with the information necessary to provide meaningful advice to the client about appropriate damage amounts. This knowledge may also assist with settlement discussions by demonstrating that amounts requested/offered are based on application of defined inputs, properly applied. The interactive settment tool calculates lost compensation based on Plaintiff specific inputs regarding dates, demographics and earnings, combined with government statistics, economic studies, and market conditions. Read more here.