You can rely on us to evaluate the claim properly and to provide sound advice and calculations on quantum, whether we are acting on behalf of the claimant, or the defendant.
Many victims suffer loss as a result of injury, and in the case of fatalities, their dependents can suffer financial loss in addition to the emotional trauma. We have a wealth of experience in personal injury claims. The work we undertake covers:
- motor accidents
- fatal accidents and resulting dependency claims
- medical and clinical negligence
- accidents at work
- work related injury
- criminal injuries
- Calculating a claim
In some cases, the task of calculating a loss of earnings or dependency can be complex. For example, where the victim is self-employed or is an employee in receipt of variable remuneration and benefits in kind for example, share option schemes. Particular care is required to evaluate the loss. Determination of whether a lump sum or periodic payment is more appropriate, can also be challenging to assess. We work with our tax experts, as necessary, to ensure we thoroughly address any tax implications relating to the claim.
We have an excellent understanding of the legal framework relating to loss calculations. We can support arbitration and mediation, plus we will provide an expert witness should one be required. We can provide CPR complaint reports, short summary reports, detailed calculations and commentary for the Schedule of Special Damages and counter schedules.
Our work usually includes an assessment of the claimant’s position both before and after the injury occurred, to determine what their financial circumstances would be had the injury not taken place. In some cases, this may include an analysis of the individual’s employer and industry specific research on market trends to understand the prospects of the claimant. We use a range of resources to support this work.
At Baldwins Forensic Accounting we will work closely with the legal team. You can rely on us to evaluate the claim properly and provide sound advice and calculations on quantum, whether we are acting on behalf of the claimant or the defendant. We may also be appointed for both parties, as independent experts.
Case Study Personal Injury of a Company Director
We can support your business with technical matters on claims
A company director was injured in a non fault traffic accident and unable to work for six months. In his absence, company sales and profits fell slightly. He believed that the results would have been much better if he had not been injured.
Baldwins Forensic Accounting constructed accounts, based on pre-accident projections, modified by the results of our comparing actual with budgets for earlier periods.
This effectively discounted the natural optimism that usually accompanies such projection. Settlement was agreement on this basis.
Case Study Loss of earnings for a motorcyclist
We were able to show the Claimant had in fact suffered a significant loss of earnings.
Injuries were suffered by the Claimant in a motorcycle accident. He was a partner in an unincorporated business which had recently relocated and which was expanding after a fall in turnover immediately following the relocation.
Baldwins Forensic Accounting analysed historical financial performance and identified the personal contribution the Claimant had made to the business. The other partners and senior staff had worked much harder (seven days, etc) to cover the Claimant’s absence and as a result, profits did not fall significantly.
Our quantification of the claim was built on the increased level of activity plus the contribution the Claimant would have been able to make, if he had not been injured. Our projections showed significantly increased turnover and profit.
We were able to show that although there had been no significant fall in net profit after the accident, the Claimant had in fact suffered a significant loss of earnings.
The insurers of a police authority received a large claim for loss of earnings from an individual who claimed wrongful arrest. Although the quantum had been prepared by a forensic accountant from one of the big four accountancy firms, it contained a number of errors resulting in significant overstatement.
The claim was overstated by about 60%. Some of the errors were immediately obvious; for example the Claimant’s forensic accountant had not deducted income tax and national insurance from projected gross earnings. Other errors were more subtle, including ignoring the inevitable change in sales mix which meant that future sales would have been less profitable.