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Five Keys to Assessing Economic Damages
The proper assessment of economic damages, once liability is determined, is one of the most crucial elements of the legal process. In fact, even before a case ever enters the courtroom, an accurate estimate of economic loss may pave the way for a settlement, saving both sides time and expense.
To estimate economic loss, we must make a number of assumptions, and wherever there are assumptions, there is room for reasonable people to disagree. That said, there are key elements to proper damage estimation that should almost always be followed. This article provides a basic blueprint for the proper approach to estimating economic loss, and the five key items that should be addressed in any damage estimate. Armed with this information, attorneys can more effectively interview a prospective damages expert. They will also be equipped to perform a quick first evaluation of an opposing expert's report, and to make sure that these key points are covered when deposing or cross examining that expert.
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