The Plaintiff and Defense Attorney's Guide to Understanding Economic Damages

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Overview

The Plaintiff and Defense Attorney's Guide to Understanding Economic Damages is an informative yet compact book pertaining to the use of economic damage testimony in trial or mediation. This book will be valuable part of your library if you are an attorney involved in a personal injury or death case and need to understand the practical issues involved with retaining economic expert witnesses and use of economic testimony in your upcoming trial or mediation. It is also valuable to you if you are a damages expert and wish to understand the legal perspective of your work.

This book brings you a wealth of information on many different and important topics on understanding economic damages and using them to your benefit whether or not you are the plaintiff or defense attorney. It covers estimation of wage and salary loss, fringe benefit loss, household services loss, estimating losses for adults and children, and understanding and retaining economic damage experts. It also covers the roles of life care planners and vocational/rehabilitation experts and their roles in helping to determine economic damages. It also includes special cases and issues such as punitive damages, F.E.L.A. cases involving injured railroaders, international issues , gender, age, ethnic background, and more It teaches you how to achieve a successful result in both mediation and trial situations, with thorough coverage of perspectives of both plaintiff and defense attorneys. It also discusses structured settlements and their advantages and disadvantages. The accompanying CD-ROM includes additional resources including Internet sources of additional information, definitions of technical terminology,direct and cross-examination questions and answers, case studies, links to internet damage calculation sites, and more.
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Product Details

  • ISBN-13: 9781933264103
  • Publisher: Lawyers & Judges Publishing
  • Publication date: 6/28/2007
  • Edition description: New Edition
  • Pages: 193
  • Product dimensions: 5.80 (w) x 8.90 (h) x 0.50 (d)

Meet the Author

Michael L. Brookshire, Ph.D. is a Professor of Economics at the Marshall University Graduate College in Charleston, West Virginia, and the President of Michael L. Brookshire and Associates. His doctorate in economics is from the University of Tennessee, Knoxville, and much of his early career was spent as an executive officer of the University of Tennessee and the University of Cincinnati. Dr. Brookshire has authored two books and over thirty-five refereed articles and book chapters on the proper calculation of economic damages. He has worked for plaintiff and defense attorneys in such notable cases as the Arrow Air (Gander, Newfoundland) and Lockerbie (Scotland) airplane crash cases and suchclass action cases as the Fen-Phen, Bendectin, E. I. du Pont C-8, and Tobacco Smoker cases. Dr. Brookshire was a charter member of the National Association of Forensic Economics (NAFE) and served on the Board of Directors from 1990. He served as the fifth president of the Association in 1993 the second, executive director of the Association from 1999. He received in 1999 the past presidents' award for outstanding service to the Association.

Frank Slesnick, Ph.D. received his B.A. from Oberlin College and Ph.D. in Economics from the University of Minnesota. He taught at Denison University in Granville, Ohio, and for thirty years at Bellarmine University in Louisville, Kentucky. In addition to his full-time duties as a professor of economics, he has served as a forensic economic consultant for twenty-five years in the area of personal injury/death cases with a specific focus on medical cost issues. Dr. Slesnick has published widely in the field of forensic economics and currently serves as anAssociate Editor of the Journal of Forensic Economics. In 1991, he served as the fourth President of the National Association of Forensic Economics. He retired from teaching in 2005 but maintains an active consulting practice.

John O. Ward, Ph.D. is Professor Emeritus of Economics at the University of Missouri-Kansas City (UMKC) and President of John Ward Economics, a litigation consulting firm located in Prairie Village, Kansas. Dr. Ward has a B.A. and M.A. in Economics from the University of Toledo and a Ph.D. from the University of Oklahoma, granted in 1970. Dr. Ward was a professor of economics at UMKC from 1969 to 2003, serving as Department Chair for fourteen years and Associate Dean of the College of Arts and Sciences for eight years. He continues to teach Human Resource Economics and Law and Economics for graduate students. His publications include five edited or authored books, fifty-three papers published in refereed journals, publications in law journals and reviews and numerous presentations at national and international academic and professional meetings. Dr. Ward was the first President of the National Association of Forensic Economics and the founding editor of the Journal of Forensic Economics. He served as editor of that journal until 2004, when he became editor emeritus. Dr.Ward has served as a consultant for the Department of Labor, the Department of Defense, the governments of Brazil and Mexico and numerous non-profit organizations, including the American Epilepsy Association and the Families of September 11th Association. Dr. Ward's consulting firm, John Ward Economics, employs eight economists and staff. The firm provides economic litigation support in commercial litigation, employment law, anti-trust and personal injury and death litigation throughout the United States.
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Table of Contents

Introduction ........................................................................................................ xi
Chapter 1: Understanding Experts on Damage Valuation.............................1
John O. Ward, Ph.D.
1.1 It Ends With Dollars ...............................................................................2
1.2 Facts and Assumptions ...........................................................................3
1.3 Elements of Damages Considered ..........................................................4
1.4 Sources of Foundation ............................................................................4
1.5 Methodology Used ..................................................................................7
1.6 Damages Presentation .............................................................................9
1.7 Credentials of Damages Experts ...........................................................10
1.8 Where Do You Find Quality Experts? ..................................................11
1.9 The Daubert Age ..................................................................................12
1.10 Is Economic Testimony Scientific? .....................................................14
1.11 Conclusions .........................................................................................14
Chapter 2: The Trial Attorney's View on Choosing and Using
Economists and Related Experts on Damages ..............................................15
William A. Posey, Esq.
2.1 Why Retain an Economist?...................................................................15
A. Plaintiff's considerations................................................................15
B. Defense considerations ...................................................................16
2.2 Choosing Your Expert on Damages ......................................................17
A. Daubert considerations ...................................................................18
2.3 The Use of a Forensic Economist in Litigation ....................................19
A. When to hire the economist ............................................................19
B. Discovery ........................................................................................20
C. Trial considerations for plaintiffs ....................................................21
D. Trial considerations for defendants .................................................21
E. Economist and related damage experts ...........................................21
Chapter 3: Issues in the Estimation of Wage and Salary Losses .................23
Frank Slesnick, Ph.D.
3.1 Introductory Issues ................................................................................23
3.2 Conceptual Foundations for Estimating Lost Earnings ........................25
3.3 Distinction Between Expected Earnings and Earning Capacity ...........26
3.4 Determinants of Base Earnings ............................................................27
3.5 Determinants of the Future Rate of Increase in Base Earnings ............28
3.6 Issues Related to Worklife ....................................................................30
3.7 Bringing Future Dollars Back to the Present-the
Discount Rate Issue ..............................................................................31
3.8 Some Comments Concerning Economists Hired By the Defense ........33
3.9 Final Comments ....................................................................................34
Chapter 4: Fringe Benefits Losses ..................................................................35
James D. Rodgers, Ph.D.
4.1 Introduction ...........................................................................................35
4.2 Collecting Information Needed to Value Employer-Provided
Fringe Benefits ......................................................................................36
4.3 Types of Fringe Benefits and Their Relative Importance .....................37
4.4 Placing a Value on Fringe Benefits and Issues That Arise ....................38
4.5 Valuing Fringe Benefits When a Young Person Is Injured ...................39
4.6 Valuing Fringe Benefits When an Employed Person Is Injured ...........41
A. Health insurance .............................................................................42
B. Retirement benefits .........................................................................42
4.7 Valuing Fringe Benefits When an Employed Person Is Killed .............43
Chapter 5: Household Services Losses ...........................................................45
Kurt V. Krueger, Ph.D. and John D. Hancock, Ph.D.
5.1 Introduction ...........................................................................................45
5.2 The Nature of Service Loss ..................................................................46
5.3 Methods of Inventorying Service Loss .................................................47
5.4 Resources Related to Service Loss .......................................................50
5.5 Conclusion ............................................................................................50
Endnote .......................................................................................................51
Chapter 6: The Vocational/Rehabilitation Expert ........................................53
Robert H. Taylor M.A., L.P.C., C.R.C., C.D.M.S., C.L.C.P.
6.1 Introduction ...........................................................................................53
6.2 Defining a Vocational Rehabilitation Expert ........................................53
6.3 Vocational Rehabilitation Expert Credentials .......................................55
6.4 Methodology and Process Utilized by Vocational Rehabilitation
Experts ..................................................................................................55
6.5 Records Required for Vocational Rehabilitation Expert Evaluation ....59
6.6 Pre-Injury versus Post-Injury Evaluation .............................................60
6.7 Evaluation of Earning Capacity in Pediatric Cases ..............................62
6.8 Earnings versus Earnings Capacity ......................................................63
6.9 Evaluation of Individuals with Preexisting Earning Capacity
Disabilities ............................................................................................64
6.10 Post-Injury Earning Capacity Evaluation-What Information to
Use? ....................................................................................................66
6.11 Barriers to Vocational Rehabilitation Evaluation................................67
6.12 Interface with Forensic Economists and other Experts ......................70
6.13 Summary .............................................................................................71
Chapter 7: Issues of Life Care Planners and Medical Care Costs ..............73
Ann T. Neulicht, Ph.D., C.L.C.P., C.R.C., C.V.E., C.D.M.S., L.P.C., D-ABVE
and Frank Slesnick, Ph.D.
7.1 Introduction ...........................................................................................73
7.2 What is a Life Care Plan? .....................................................................73
7.3 Education/Training of a Life Care Planner ...........................................74
7.4 Roles of the Life Care Planner ..............................................................76
7.5 The Life Care Planning Process............................................................77
7.6 Communication With Case Experts and Other Professionals ...............79
A. The vocational expert .....................................................................79
B. School and treatment professionals ................................................79
C. The physician ..................................................................................80
D. The economist .................................................................................80
7.7 Specific Economic Issues Related to Life Care Plans ..........................81
A. Accepted medical costs ...................................................................81
B. Life expectancy ...............................................................................82
C. Net discount rate .............................................................................82
D. Collateral source payments .............................................................83
E. Tax issues ........................................................................................83
Chapter 8: Wrongful Death Cases and Personal Consumption
Deductions ........................................................................................................85
Michael L. Brookshire, Ph.D. and Elizabeth A.W. Gunderson, Ph.D.
8.1 Introduction ...........................................................................................85
8.2 The Differing Legal Parameters............................................................85
8.3 Alternative Methods and Data Sources .................................................86
8.4 Two Earner Households ........................................................................88
8.5 Single Persons .......................................................................................90
8.6 Final Comments ....................................................................................91
Chapter 9: Less Tangible Damages ................................................................93
Gerald Martin, M.B.A., Ph.D.
9.1 Background ...........................................................................................93
9.2 Survey of Economists ...........................................................................94
9.3 Measuring the Value of a Statistical Life ..............................................95
9.4 Wrongful Death ....................................................................................97
9.5 Personal Injury ......................................................................................98
9.6 Ancillary Material .................................................................................99
Chapter 10: Some Special Cases and Issues ................................................101
Michael L. Brookshire, Ph.D.
10.1 The (Lost) Earnings Base .................................................................101
10.2 Some Special Issues of Age ..............................................................104
10.3 The Effects of Gender and Race .......................................................105
10.4 Special Occupations ..........................................................................106
10.5 Special "Injuries"-Wrongful Termination ......................................107
10.6 Summary and Conclusion .................................................................108
Chapter 11: The Special Issues of F.E.L.A. Cases .......................................109
Jeffrey B. Opp
11.1 Calculating Damages under the F.E.L.A. for Injured Railroaders ....109
11.2 Key Information ................................................................................111
11.3 Components of Railroader Earnings .................................................111
11.4 Issues with Offsets to Railroader Earnings .......................................113
11.5 Retirement Benefits ...........................................................................114
11.6 Worklife Expectancy .........................................................................115
11.7 Summary ...........................................................................................116
Chapter 12: Punitive Damages .....................................................................117
George A. Barrett, M.B.A., M.S.R.C., C.R.C., C.V.E. and
Michael L. Brookshire, Ph.D.
12.1 Introduction .......................................................................................117
12.2 Alternative Approaches .....................................................................118
12.3 Judicial Guidelines ............................................................................119
12.4 Optimal Deterrence ...........................................................................120
12.5 Punish But Not Destroy ....................................................................123
12.6 The State Farm v. Campbell Exception ............................................128
12.7 Disgorgement of Profits and Comparable Civil Fines ......................128
12.8 Summary and Conclusion .................................................................129
Chapter 13: Inside the Mediation Experience: Proof, Practice,
and Preparation .............................................................................................131
Howard H. Vogel, Esq.
13.1 Introduction .......................................................................................131
13.2 Three Styles of Mediation.................................................................132
13.3 Role of the Mediator .........................................................................133
13.4 Role of the Mediation Advocate .......................................................133
13.5 Convening the Mediation .................................................................135
13.6 The Opening Session ........................................................................139
13.7 The Caucus .......................................................................................140
13.8 Negotiation Models and Objectives ..................................................140
13.9 Documenting the Deal ......................................................................141
13.10 Ethical Issues ..................................................................................142
13.11 Summary .........................................................................................142
Chapter 14: Structured Settlements .............................................................143
Frank Slesnick, Ph.D.
14.1 Introduction .......................................................................................143
14.2 Advantages and Disadvantages .........................................................144
14.3 When Structured Settlements Are Used............................................146
14.4 The Role of the Economist Evaluating Structured
Settlements-The Defense Perspective ............................................146
14.5 The Role of the Economist Evaluating Structured
Settlements-The Plaintiff's Perspective .........................................147
14.6 Concluding Comments .....................................................................148
Chapter 15: The Plaintiff Attorney's Perspective on Economic
Damages at Trial ............................................................................................149
R. Edison Hill, Esq.
15.1 Types of Economic Damages in Personal Injury Cases ...................149
A. Medical costs-past and future ....................................................149
B. Loss of income-past and future ..................................................150
C. Loss of household services ...........................................................151
D. Hedonic damages (quantifying loss of enjoyment of life) ...........153
15.2 Types of Economic Damages in Wrongful Death Cases ..................154
A. Medical and funeral costs .............................................................154
B. Loss of future earnings resulting from death ................................154
C. Personal consumption ...................................................................155
15.3 Presenting Economic Damages at Trial ............................................155
A. Voir dire and damages...................................................................155
B. Opening statement regarding economic damages ........................156
C. Closing argument regarding economic damages ..........................159
Chapter 16: A Defense Trial Lawyer on Damage Issues at
Deposition and Trial .......................................................................................163
E. Wayne Taff, Esq.
16.1 Introduction .......................................................................................163
16.2 Success Begins Long Before Trial: The "Discovery" Process .........164
16.3 When Do You Retain the Defense Economist? ................................164
16.4 The "Data" You Need for Depositions..............................................165
16.5 Structuring the Examination at Deposition .......................................165
16.6 What Was Done and What Was Not Done by the Economist ...........166
16.7 Specific "Discovery" Areas ..............................................................167
16.8 The Dilemma: Do You Use a Defense Economist? ..........................167
16.9 Preparing the Defense Economist for Deposition ............................168
16.10 Trial Considerations ........................................................................168
A. Pretrial ..........................................................................................168
B. Jury selection ................................................................................168
C. Opening statement ........................................................................169
D. Lay witnesses ................................................................................169
E. Cross-examining plaintiff's economist .........................................170
F. The defense economist ..................................................................171
G. Closing argument ..........................................................................172
16.11 Conclusion ......................................................................................173
Chapter 17: International Issues in Economic Damages ...........................175
John O. Ward, Ph.D. and Robert J. Thornton, Ph.D.
17.1 Overview ...........................................................................................175
17.2 The Foreign National Plaintiff in the U.S. ........................................175
17.3 The Foreign National in the Foreign Country with U.S.
Jurisdiction ........................................................................................178
17.4 The U.S. National or Foreign National in a Foreign Country with
Foreign Jurisdiction ..........................................................................178
17.5 Summary ...........................................................................................178
About the Editors .............................................................................................181
About the Authors ............................................................................................183
Index ................................................................................................................189

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