When pursuing a compensation claim, particularly in personal injury or workplace accident cases, one crucial component is Future Economic Loss (FEL). This concept represents the income an individual will lose in the future due to their injury or circumstances that have affected their ability to work. Accurately calculating FEL is vital for ensuring that claimants receive appropriate compensation.
Understanding the full financial impact of an incident or dispute is crucial for fair and equitable resolution.
At Azure Group, we specialise in providing comprehensive Economic Loss and Damages Calculations Services, tailored to support individuals, businesses, and legal professionals in assessing and substantiating claims. Our expert team offers precise and reliable financial analysis, drawing on extensive experience and industry knowledge to deliver robust, defensible calculations.
Our Services include:
We assist in estimating the potential loss of future income or profits resulting from an injury, wrongful termination, business interruption, or other adverse events. By considering variables such as market trends, inflation, and industry-specific factors, we provide a thorough and realistic projection of future financial loss
1. Future Economic Loss Calculations
We assist in estimating the potential loss of future income or profits resulting from an injury, wrongful termination, business interruption, or other adverse events. By considering variables such as market trends, inflation, and industry-specific factors, we provide a thorough and realistic projection of future financial loss.
2. Past Economic Loss Assessment
We evaluate historical financial data to quantify losses that have already occurred. This includes lost wages, profits, and other financial setbacks caused by events such as accidents, contractual breaches, or professional negligence.
3. Expert Witness and Litigation Support
Our team provides expert witness services, delivering credible, well-documented reports and testimony to support legal proceedings.
At Azure Group, we understand that economic loss assessments often go hand-in-hand with legal proceedings. That’s why we work closely with top-tier law firms to provide a holistic approach to your case. Our partnerships with these firms allow us to tackle both the financial and legal aspects of your situation, ensuring you receive comprehensive support from start to finish. Learn more about our partners here >
Why choose Azure Group?
Proven Expertise Our team consists of seasoned professionals with extensive experience in economic loss and damages calculations across various industries and contexts.
Detailed and Defensible Analysis We provide meticulous financial assessments backed by rigorous data analysis, ensuring that our findings are robust and defensible in legal settings.
Tailored Approach Every case is unique, and we take the time to understand the specific circumstances of each client to deliver customised solutions that best meet their needs.
Global Reach With offices in Australia and China and access to a network of partners worldwide, we offer a truly international perspective, supporting clients with cross-border disputes and claims.
Contact us
If you require assistance with Economic Loss and Damages Calculations, our dedicated team is here to help. Contact Azure Group today to discuss your needs and learn how we can provide the financial clarity and support your need for a successful outcome.
How is Future Economic Loss Calculated?
Current Income Assessment The starting point for calculating FEL is the individual’s current income. This includes not only salary but also bonuses, overtime, and any additional benefits.
Work Life Expectancy Estimating how long the individual is expected to work is essential. This can depend on various factors, including age, profession, health status, and economic trends.
Adjustments for Inflation Future earnings should be adjusted for inflation. This ensures that the calculated loss reflects the increase in living costs over time, maintaining the purchasing power of the compensation awarded.
Career Progression Consideration of the potential for career advancement or wage increases is important. Factors such as promotions, skill development, and industry growth can impact future earning capacity.
Impact of the Injury The injury’s effect on the individual’s ability to work, including any limitations on job types or hours, must be factored in. This may involve expert testimony or vocational assessments.
Mitigation of Loss Claimants are often expected to take reasonable steps to minimise their economic loss. Any income earned post-injury should be deducted from the total future loss calculation.
Calculation of Total Loss Finally, the total Future Economic Loss is determined by projecting the individual’s future earnings, considering the above factors, and subtracting any anticipated income from mitigative efforts.
Importance of Expert Assistance
Given the complexities involved in calculating Future Economic Loss, it’s often advisable for claimants to seek expert assistance. Financial and legal experts can provide valuable insights and ensure that all factors are appropriately considered.
If you require assistance with Economic Loss and Damages Calculations, our dedicated team is here to help. Get in touch.
