What Could Your Loss of Earning Capacity be Worth in an Injury Claim?

Personal injuries can affect many aspects of your life. Many times, an injury can prevent you from working for a few days, weeks or months.

However, there are times when your ability to work will never be the same as it was before the injury. Some people are no longer able to work at all. Others can still work but must work much less than they did before. There are some who must work in a different field than they did before.

Whether you can still work or not, your earning capacity may be greatly diminished. For example, if you need to enter a new field, your compensation may be much less than it was in your old field. If you cannot work as much, you will not be able to earn as much as you did before.

Fortunately, your attorney can seek compensation for your lost earning capacity. However, determining what your loss of earning capacity is worth is a complex task. You need an experienced attorney who has a history of securing compensation for victims.

At The Law Offices of Peter T. Nicholl, we have been securing millions in compensation for more than three decades. Our Maryland personal injury attorneys do not charge upfront fees and the initial consultation is free of charge.

Why Injury Victims’ Earning Capacity May be Affected

Sometimes injury victims are physically unable to do the job they did before their injury. For example, victims who lost a limb may not be able to do a physically demanding job. If a victim suffered nerve damage in an arm, he or she may no longer be able to use the fine motor skills required to do a job.

Sometimes victims suffer cognitive damage because of a brain injury. They may not have the mental capacity to do certain types of work that involve a lot of analysis.

Spinal cord damage and back injuries can severely limit someone’s ability to work. This is especially true if the victim previously did a job that required a lot of lifting and manual labor.

Sometimes limited mobility and chronic pain can make it harder for a victim to work as many hours as he or she did before. The victim may become more easily fatigued and doctors may limit the number of hours the victim can work.

What Factors into Your Loss of Earning Capacity?

There are many factors to consider when evaluating an injured victim’s loss of earning capacity. For example, your attorney needs to review the field you worked in.

Your attorney must also determine how you were likely to advance in your career, including raises and promotions you were likely to get. This determination is based on various factors, including your education and history of promotions/career advancement. Your field of work is also an important factor, as your lawyer will review what people in your field typically earn.

Often, the rate of pay for different jobs varies by location. For example, some places have a higher cost of living, so the compensation for some jobs is higher. This must be considered when determining how much you were likely to earn if you could continue working in the same field in the same capacity.

If you must change careers because you can no longer work in the same industry, your lawyer must assess how you may be likely to advance in your new career. This must be compared to your likely career trajectory from before the injury.

Your attorney may need to bring in an expert to determine what your lost earning capacity may be worth. For example, an economic expert may be able to determine what you would likely earn in a new career and what you were likely to earn if you could have continued working in the same capacity you did before.

While an injury can cause a variety of damages, your lost earning capacity is one of the most significant. If you do not recover full compensation for your lost earning capacity, you may have a much harder time supporting yourself and your family. This could cause a significant financial crisis.

The insurance company will not be committed to making sure you receive full compensation for your lost earning capacity. Their goal is to protect their profits. That is why seeking representation from an experienced attorney is so important.

Contact Us Today to Discuss Your Damages

If you are unsure if you need an attorney, but you suffered an injury caused by someone else, give us a call to schedule a free consultation. We have helped many injured victims recover compensation from the parties that caused their injuries. We are ready to help you and there are no upfront fees.

Experienced Attorneys. No Upfront Fees. Call 410-401-9979.