How Do I Calculate My Lost Earning Capacity?

You may know from your treating physicians, occupational therapists, and other medical professionals that your accident’s injuries and disabilities left you with permanent limitations. With this, you may sadly accept that you may never return to the same work you once performed or may even be driven toward retirement. You must seek recovery for this lost earning capacity in your upcoming personal injury claim and cite an accurate monetary value, as this may be your only opportunity to do so. With that being said, please follow along to find out how to calculate a lost earning capacity for your claim and how a proficient Passaic County personal injury attorney at the Law Offices of August R. Soltis can help you get the financial compensation you need to feel adequately supported.

How do I accurately calculate my lost earning capacity?

Of course, it may be hard to predict what the future would have held for you if you had never gotten into a personal injury accident. That is, you may never know what career moves or advancements you would have made, what age you would have retired at, etc. Rest assured, our team will work on your behalf to accurately calculate the lost earning capacity you should claim in your legal action.

For example, we may first consider your past employment and earnings history, and estimate the potential promotions, raises, and overall market value your job position, education, and skills would have garnered over time. We may then subtract this from your post-injury earning capacity, likely determined by a vocational assessment. This difference may then be multiplied by the number of years you likely would have worked from the time of your injury until retirement, typically using the full retirement age of 67, as determined by the Social Security benefits program.

What testimonies do I need to support my lost earning capacity?

It is one thing to accurately calculate your lost earning capacity. But it is another thing to prove that you indeed cannot return to the level of work given your injury or disability. For this reason alone, it may be in your best interest to have medical and vocational experts testify on your behalf during your personal injury claim proceedings.

Firstly, a medical expert may review your medical records and confirm that your injury or disability is indeed long-term or permanent, which means that your ability to work will be impacted for the same amount of time. Then, a vocational expert may use this information as the basis for their testimony. Here, they may explain how the limitations associated with your diagnosed injury or illness mean you cannot perform your pre-injury job tasks or transfer your skills elsewhere to earn a substantial living.

It may not hurt to employ an economic expert, as well. This individual may better understand the job market, inflation, taxes, etc., and testify on the amount of earnings you will likely miss out on indefinitely. To conclude, before you step into a New Jersey civil courtroom, you must seek a talented Passaic County personal injury attorney to stand by your side. Please contact our office, the Law Offices of August R. Soltis, as soon as you are ready.