Under New York law, plaintiffs are allowed to recover damages for loss of income and loss of earning potential in a personal injury case in NYC. Where loss of income is actual earnings lost, a loss of earning potential is an estimate of how much you could have earned had you not been injured. They may sound similar, but there are differences between the two.
A loss of income claim can be pursued when an injury has forced a victim to take time off, either temporarily or permanently. The amount can be calculated using the victim’s hourly wages or salary and multiplying it by the number of days or years they will be unable to work. The figure can include both actual lost wages and future lost wages, as well as any benefits they would have received.
The loss of earning potential is an element of a loss of income claim, in which a victim can seek reimbursement for the amount of compensation they would have made in the future if it were not for their injury. A major difference between a diminished work capacity and loss of income is that it is prospective, rather than retrospective like wage loss. The amount of damages awarded for loss of earning potential are based on subjective factors, such as:
While lost earnings are relatively straightforward and easy to prove, demonstrating a loss of earning potential requires some imagination. Healthcare providers may need to testify to the extent of your injuries and how they affect your ability to work in the future. Additionally, expert witness will be required, such as a forensic economist who can provide an analysis of how much the victim could have expected to earn given the salary trends in their career field.
The personal injury lawyers at Sullivan Papain Block McGrath Coffinas & Cannavo, P.C. have the resources your case needs to get the results you deserve. Contact us today to schedule a consultation, at no cost to you.