Advanced software designed using the best practices of the economic damages experts industry.
*Some modifications to the report beyond expert input verification may be required and is done on case-specific basis.The software is built by experts with significant experience in the valuation of economic losses for personal injury and medical malpractice cases.
Our experts testify based on the results of the calculation after a confirmation of the accuracy of user input and any required case-specific modifications
After completing the questionnaire, it takes less than 10 minutes to receive the economic loss report via email.
The methodology used in the calculation is built in accordance with the best industry practices, state-specific laws, and latest academic findings.
The software allows the user to obtain a detailed economic loss report for a fraction of the cost of engaging an economic damages expert.
Low cost of service allows more cases to have an economic loss assessment report, which in turn results in better client representation.
EconLoss reduces the cost of experts at the initial stage, which is responsible for the majority of cases.
The low cost of our reports allows attorneys to obtain economic loss assessment on more (smaller) cases, thereby allowing them to better represent their clients.
The user logs in the system and answers a set of case-specific questions. The questions pertain to the general information regarding the injured, his/her pre- and post-injury employment status, the ability to return to work and perform household services following the injury, and, if available, the information from the life care plan obtained from an independent health professional (this is not a required section of the questionnaire). Upon completion of the questionnaire, a $250 fee for the report is charged and the user is sent a report which details the calculation, the methodology, and all of the relevant case information. A sample report can be found here.
The use of the automated process on the front-end of expert engagement allows us to significantly reduce the overall cost of expert engagement. We credit the full cost of the automated report towards the billable hours spent on preparing an expert certified report. The Expert certified report is then used in deposition and trial.
The automation of the front-end of the economic damages calculation process provides significant savings to both plaintif and defense attorneys.
The EconLoss software is designed using the best practices of the economic expert industry. It takes in the account all state-specific aspects of the process, including taxation, restrictions on the discount rates, earnings growth rates, etc. The calculation includes all aspects of the economic loss: lost earnings, lost earnings capacity (lost future earnings), fringe benefits, household services, and future medical costs (if a life care plan is available). The software utilizes the most recent academic findings. We ensure that the methodological aspects of the calculation are constantly updated as the new academic findings and regulations come to light.
Use of EconLoss reports results in faster settlements
Use of EconLoss reports results in reduced overall cost of economics expert service
Mr. Roney has prepared quantitative and qualitative analyses and expert reports on over 2,000 tort cases involving personal injury, care costs and life care plans, wrongful death, wrongful termination, Jones Act, FELA, intellectual property, and commercial damages. He has been retained in more than three dozen states and testified in deposition, arbitration, State and Federal courts, and before the Special Master in Victims' Compensation Fund. He has performed statistical analyses of employer liability in employment practices on the basis of race, sex and age and testified in arbitration on evidence of statistical discrimination.
Prior to opening his own firm, Mr. Roney was a Senior Economist with The Center for Forensic Economics, managing its Dallas office. In addition, he served as an in-house consultant to a national law firm as a litigation support consultant. Mr. Roney also worked with a major national accounting firm providing economic consulting services in commercial damages matters and as a senior research economist with an economic consulting firm in California, specializing in the calculation of economic losses in personal injury, wrongful death and wrongful termination cases.
Dr. Volkov is a professor of Finance at Mercer University in Atlanta, GA. The bulk of his research and teaching is focused on the calculation of the present value of future cash flows, which is the central element of the economic loss assessment in personal injury and medical malpractice cases. Dr. Volkov performed expert witness services in a number of personal injury and malpractice cases. He designed the EconLoss software with a vision of streamlining the economic loss assessment services and delivering a more cost effective way of assessing the damages to the plaintiff attorneys, defendants, and individuals..
Dr. Volkov teaches investments, corporate finance, international finance, and financial analytics at Mercer. His research is published in the leading academic journals, such as the Journal of Corporate Finance and the Quarterly Review of Economics and Finance among others. His work has been presented at a number of academic conferences. Prior to a career in academia, Dr. Volkov owned a financial service firm, which focused on investing in longevity-related assets, and worked as a financial analyst at Franklin Templeton Investments. He is a member of the National Association of Forensic Economics, Financial Management Association, American Finance Association, Southern Finance Association, and Eastern Finance Association.
Dr. Volkov's CV can be downloaded here
His personal website can be found here
If you would like to become an expert with EconLoss, please contact us. We are constantly looking to engage additional experts in the geographical regions where we currently do not have good coverage. We offer exclusive regional contracts to well qualified experts. Please send all of the relevant information and your credential to us if you are interested in working with us.
We also regularly provide reports and testimonies in wrongful death, employment discrimination, and corporate cases that require valuation of future cash flows. Such additional services are not automated and are provided on conventional engagement basis.
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