Complex personal injury claims: How lawyers can address financial complexities during every step of the process

Calculating the financial damages of a personal injury is a complex process — and lawyers must consider a variety of factors to quantify the damages accurately. This process becomes even more challenging when calculating the financial impact of an injury to a business owner. A severe injury may take them out of the company for an extended period, and profits may decrease without their skills and knowledge. Alternatively, business profits may not decrease, and it may be necessary to critique the amounts they have claimed.

We’ve summarized the key financial considerations that lawyers need to address throughout every step of the process — whether making a claim or disputing a claim outcome. We’ll also examine when expert knowledge may be required to help navigate the financial complexities of a personal injury dispute to enable you to present your case from a position of confidence.

What is a complex personal injury?

In a personal injury claim, the plaintiff seeks fair compensation for an injury that occurred due to the actions, negligence, or liability of another party. This may include injuries received through car accidents, workplace accidents, or other incidents.

If a severe injury prevents an individual from operating their business at its normal capacity, those financial losses must also be considered when estimating the damages. These types of claims require expert financial knowledge to quantify damages accurately and build a complete package to support your case.

How the right support can help you navigate your case

It may be beneficial to bring a forensic accountant on board to help navigate your case if your legal team does not have the financial knowledge required to address the above considerations. This type of accountant works closely with lawyers and legal teams during complex personal injury claims to investigate, analyze, and present financial information in legal proceedings.

When selecting a forensic accountant to support your case, it is important to ensure they have extensive experience and knowledge in key areas and across various industries. This helps ensure they can fully calculate the magnitude of what is at stake.

Statement of claim / defence

During this stage, a forensic accountant will use financial analysis and data examination to accurately calculate the financial damages that are being asserted by each party. This includes historic results from the business, economic and industry factors, statistical data, and case-specific factors to tailor the results to the individual’s specific situation and business.

A forensic accountant also supports lawyers during this stage by providing clear summaries of the analysis and evaluating the strengths and weaknesses in the positions of both parties from a financial perspective. This creates an accurate picture of the financial damages and provides you with the information you need to present your case confidently.

Preparing for trial

Claims can involve a lot of different moving parts — and a forensic accountant can help organize the relevant materials for a trial. During this stage, they will perform a document review and an analysis of key issues to provide the comprehensive financial perspective you need to present your case effectively.

A forensic accountant will also perform financial modelling to assess and present the financial complexities of your case and prepare questions to help you challenge the methodologies and arguments of the opposition. This helps ensure you have the materials you need to fully support your legal arguments during the trial.

Trial

During the trial, a forensic accountant can provide testimony to help communicate complex financial matters to the judge and jury in an understandable way. They can also attend the trial and share live feedback to help you present your position in an effective and compelling manner.

Take the next steps

No complex personal injury claim is the same — and lawyers need to address many complex financial considerations to navigate each stage of the process successfully. If you need support to quantify the losses caused by a personal injury, contact MNP’s Sheetal Esmail or Craig Burkart. Our professionals have the knowledge to calculate the damages and will deliver the in-depth support you need throughout each step of your case.