According to the National Association of Forensic Economics (NAFE), forensic economics is the scientific discipline that applies economic theories and methods to matters within a legal framework.
Forensic economics covers, but is not limited to:
Vocational Rehabilitation is the analysis of an individual’s work and employment limitations as a consequence of an injury. Procedures to determine these limitations include interviews to observe attitudes and physical limitations, testing to determine vocational aptitude, values, and interests, research of educational and employment backgrounds, and review of medical reports and records to determine specific limitations and medical restrictions resulting from an incident. This evaluation may result in the determination of alternative employment via a transferable skills analysis or specific job search.
Life-Care Planning is a dynamic process which addresses quality-of-life issues, long-term comprehensive needs for patients and their family, identification of medical complications resulting from the injury, and analysis of non-medical issues such as transportation or architectural renovations. To evaluate this process, life-care experts perform a comprehensive assessment to include the review of medical reports and records, and interview of the plaintiff and family members, interviews with current providers of medical care and ancillary services, research of specific medical practices and costs, and an on-site assessment of the individual’s home and living environment. The life care assessment outlines medical needs of individuals, regardless of the circumstances by which the needs arose.
The TEAM Approach allows us to provide any combination of the three disciplines; forensic economics, vocational rehabilitation, and/or life-care planning in our report under same, or separate cover, at the client’s request. This unique TEAM approach allows the client to save time and money while creating a more comprehensive, correlated assessment of the economic damages.
Forensic Accounting analyzes, quantifies, and presents the financial impact of a dispute to business or corporation as it relates to a legal action. Specifically, the assessment of commercial damages arises from complex business disputes involving business interruption, fidelity, loss of profits, bankruptcy, breach of contract, and valuation of businesses, intellectual property infringement, and the determination of financial motives with respect to arson.