Dr. Mellish is a specialist in the valuation of loss due to business damages, wrongful termination, personal injury and death.
He has been qualified as an expert witness in the majority of the Circuit Courts in Florida and many Federal Courts in various
states including FL, GA, AL, NY, TX, CA, US Virgin Islands, and others.
This office has a reputation for providing expert witness consultation at the highest standards. We assist attorneys in
identifying areas of damages as well as calculating the present value of future losses including lost wages, benefits, the
value of household services, the amount necessary to provide medical care in the future, hedonic damages (value of the loss
of enjoyment of lifestyle issues) as well as punitive damages in cases that warrant it. In worker’s compensation cases, our
reports are often made a part of the fee petition package. We have designed a computer-assisted format for presenting the
results of our analysis in the worker’s compensation cases. We have also developed a computer-assisted format for
calculating the present value of future medical care items required in a life care plan for catastrophic injury cases.
These computer assisted formats allows us to keep billing to a minimum by reducing the amount of professional time needed.
Please refer to our Services page for a detailed list of services provided.
What does it take to evaluate economic damages?
Quite often attorneys call us to quickly estimate the level of economic damages in an injury or death case. When the attorney can give us a short description of the nature of the injury, we can typically identify the probable damage elements:
- Loss of income or support
- Loss of value of services
- Probable future medical expenses
We can usually provide an estimate in a 5 to 15 minute phone call. We do not charge for such brief consultations. By contrast, a written report requires documentation for underlying data. That is what takes the most time – and is billable.
Business damages cases are different from personal injury cases when it comes to quick estimates. That said, we can usually describe the type of underlying data that will be needed to estimate business damages in a 5 to 15 minute consultation.
Why are interest rates so low?
Market interest rates are low because “real” rates of return on capital are low. Ben Bernanke, former head of the Federal Reserve System explains this in a recent article where he says real rates are low in a slow growing or recessionary economy since “investment opportunities are limited and relatively unprofitable”. The link to the full article is found here.
According to an article by Larry Froeb with Managerial Econ posted on 2/21/2016, real interest rates have fallen 4.5% since 1985. Real interest rates can be understood as the "price" of savings. Today more people want to save which causes an increase in supply and there are fewer investors willing to invest which creates a decrease in demand. Since there is more supply than demand, the result is a lower "price" of saving (or interest rate). For the full article, click here.
How does this affect the present value of future economic loses? When the interest rate or discount rate is low, the present failure of future economic losses will be higher. However, the other element in the present value calculation is the growth rate in wages, or in future medical expenses. When interest rates are low, these other two elements of the present value calculations will also be low. Therefore, the present value will not be substantially different than in a period of high interest rates.
For some guidance on what we can expect on interest rates in the next year, check out the recent New York Times interview with John Williams, an official with the federal reserve system. The president of the Federal Reserve Bank of San Francisco explains under what conditions he will vote to raise interesst rates. Bottom line is that when the inflation rate approaches 2% and the unemployment rates gets to full employment (approximately 5.2%) we can expect interest rates to go up. If you want to discuss this in greater detail, please give me a call.
On the lighter side, check out some humorous Videos from an economic standpoint on our
Humor & Interest Page
You can also find interesting links to information such as the current gas prices and what makes up the gas price as well as Tax Facts 2016 and proposed tax policies for 2017 on our Humor & Interest Page.