How is Lost Earning Capacity Calculated in a Personal Injury Case?
A personal injury lawsuit can serve two vital functions in an injured person’s life: Holding the liable party responsible for the injury and recovering financial compensation for damages. When we think about personal injury damages, medical bills and immediate costs incurred by the injury usually come to mind. However, these losses often pale in comparison to the long-term costs resulting from the injury. In many catastrophic injury cases, the greatest loss that an injured person suffers is the loss of his or her ability to earn a living. If you or a loved one suffered severe injuries in an incident caused by negligence or wrongdoing, you may be entitled to compensation for lost earning capacity.
Compensation for Injuries That Cause Loss of Functioning or Disability
Semi-truck accidents, motorcycle crashes, construction accidents, intentional acts of physical violence, and countless other incidents can leave a person with catastrophic injuries. If you or a loved one suffered an injury that caused paralysis, amputation, neurological damage, loss of vision or hearing, or other long-term health consequences, is it important to know your rights. You or your loved one may be entitled to compensation for past and future medical expenses, lost income, damage to your future earning capacity, and more.
Determining How Much Compensation You Are Entitled To
If your injuries forced you to work fewer hours, take a lower-paying position, or left you unable to work at all, you may be compensated for the reduction in your earning capacity. The amount you could receive depends on an estimation of the income you would have received if not for the injury-causing incident. The amount of compensation that you could recover depends on several different factors, including:
- The severity of your disability
- The reduction in your income
- Your profession before the catastrophic injury
- Your educational background and work history
- Your professional skills and abilities
- Your life expectancy
- The typical retirement age in your line of work
- Your history of work absences, promotions, and raises
Experts in many different fields may weigh in on an injured person’s reduced earning capacity. Medical experts can attest to the loss of functioning caused by the plaintiff’s injuries. Psychologists or psychiatrists can explain the neurological or psychological toll that injuries have on the plaintiff. A vocational rehabilitation expert can investigate the plaintiff’s employment and financial circumstances and explain how the injuries negative affect the plaintiff’s ability to earn a living. Economists and other financial experts may also provide insight into the financial consequences caused by the plaintiff’s injuries.
Contact a Glen Ellyn Personal Injury Attorney
If you or a loved one suffered a disabling injury because of another party’s actions, it is important to know your rights. You or your loved one may be entitled to compensation for your lost earning capacity and other damages. To learn more, contact Schwartz Injury Law. An Illinois catastrophic injury lawyer from our team can help you build a compelling claim for damages. Call 708-226-9000 for a free, no-obligation consultation.