There is no standard formula for calculating the value of a lawsuit. But you can apply a few legal principles to identify which losses you can include in your estimates as you decide whether to sue.
Nevada law allows you to recover compensation for two types of losses. Economic losses represent the financial impact of the at-fault party’s actions. Non-economic losses encompass the human impact of your injuries.
Economic losses include expenses as well as unrealized income. Some common expenses you might incur due to your injuries include:
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Past medical bills
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Future costs for treatment, therapy, and medication
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Lost wages due to missed time at work
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Diminished future earnings from long-term disabilities
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Out-of-pocket expenses associated with your injuries
Your economic losses include both paid and unpaid bills. For example, if you have an unpaid bill of $20,000 for surgery for your injury, you can include it in your economic losses. The doctor or hospital may put a lien on your personal injury claim to make sure part of your settlement or damage award goes to paying your outstanding bill.
You document your economic losses using your financial records. These records often include the following:
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Credit or debit card statements
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Canceled checks
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Receipts
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Bills
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Wage statements
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Timesheets for work
Non-economic losses do not have a price tag. Instead, they include all the ways your injuries eroded your quality of life. Examples of non-economic losses include the following:
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Physical pain
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Mental anguish
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Inconvenience
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Disability for limitations on your activities
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Dismemberment for loss of a body part
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Disfigurement for injuries that alter your appearance
You prove non-economic losses with witness testimony. You can testify about the effects of your injuries on your life. Your family members and friends can testify about the changes they have noticed in your quality of life.
Some losses have both economic and non-economic aspects. For example, you might incur economic costs for the pain you experience. You might incur costs for pain medication, massage therapy, and other treatments to relieve your pain. These are economic losses. Similarly, your pain might keep you awake at night, limit your ability to work around the house and prevent you from exercising. These are non-economic losses. Every case has unique losses based on the type and severity of the injuries.
Seek Maximum Compensation With A Trusted Legal Expert
Determining how much you can sue for can be complex and daunting. It’s crucial to have an experienced advocate by your side.
At Hill Firm, we specialize in helping clients understand their legal rights and pursue the maximum compensation they deserve. Whether it’s medical expenses, lost wages, or pain and suffering, our team is dedicated to fighting for your best interests.
With a proven track record throughout Nevada, you can trust us to handle your case with care and expertise.
Don’t leave your compensation to chance. Contact Hill Firm for a free consultation today and let us put our experience to work for you.