Lost Earning Capacity in Your Illinois Personal Injury Claim

 Posted on January 05, 2023 in Personal Injury Lawsuits

Cuts and bruises heal, but many personal injuries lead to lifelong disability. Whether a catastrophic injury results from a car accident, slip and fall, work accident, or another incident,  the injury victim will likely experience a reduced earnings capacity. Lost earning capacity is the reduction in the ability to earn money, either because you cannot make as much in your current job, or you are unable to work at all.

How is Lost Earning Capacity Calculated?

Lost earnings can be complex and difficult to calculate, since it takes into account many economic factors like inflation and the current job market. Most personal injury claims involve a claim for lost income. Lost income refers to the wages an injured person missed out on while they were injured and unable to work. In contrast, lost earning capacity refers to the reduction in a person's ability to earn income. Some people are still able to work after a serious accident, but they are forced to find a different position or occupation. For example, a construction worker who lost the ability to walk may be unable to continue his or her previous line of work, but he or she can take a desk job. Others lose the ability to work entirely. 

It is important to understand that lost earning capacity is much more than the difference between what a person used to make before an accident and what they are able to make after an accident. It also takes into consideration lost benefits such as health insurance, employer contributions to retirement plans, and other fringe benefits. Additionally, earned income may have been expected to increase over time, which should be factored in when calculating losses.

If you or a loved one suffered a serious personal injury in Illinois, it is important that you understand how lost earning capacity can be calculated. A qualified personal injury attorney can help you build a strong case and pursue the maximum amount of compensation for your losses.

Contact our Waukegan Personal Injury Attorney

Individuals who are hurt as a result of another party's negligence may be entitled to monetary damages, including compensation for lost income and lost earning capacity. If you or a family member were injured in an auto accident, work accident, or another type of accident, contact Salvi & Maher, LLP. Our Rockford personal injury lawyers know what you are going through. We can help you build a robust claim for compensation. To schedule a free consultation, call 847-662-3303 or contact us online. 

Source:

https://ilcourtsaudio.blob.core.windows.net/antilles-resources/resources/95659d58-d1eb-40f4-8d0f-64c6588a169d/30.00.pdf