Illinois courts ask whether the methodology behind an expert opinion is generally accepted in the relevant professional community, and separately whether the economist is qualified by training and experience and applied the method to the facts of the case. Forensic economic methods for lost earnings, worklife, and present value are published and long used, so the examination usually turns on the inputs and their support in the record. AAEFE membership adds a curated damages literature, the academy's peer-reviewed journal, that a report's method can be measured against; it does not replace that inquiry, and it is not a certification.
State recognition: Recognized nationally; no state licensure applies. There is no state license for forensic economists to check, so counsel verify the credential with its issuer and review the economist's testimony record directly.
AAEFE membership carries no Illinois recognition and needs none: the academy is a national association of economists, finance academics, and accountants who serve as experts, and membership signals participation in its journal and meetings rather than a tested qualification. Its value in a matter venued in Illinois runs through the literature. When a discount rate approach, a valuation method, or a lost profits framework in a report can be traced to the academy's journal, the method has a published, criticized, and refined basis, and an opposing report that departs from that literature can be measured against it. Membership is confirmed with the academy directly, and the affiliations of the economist assigned to a matter venued in Illinois are stated at engagement.
KW Economics economists apply nationally recognized methods while accounting for Illinois's wage levels, venue, and damages rules.
Economic damages experts testify in Illinois's courts, where qualification is decided case by case on education, method, and experience rather than on any single credential.
Highest court: Illinois Supreme Court. Federal venues: N.D. Ill., C.D. Ill., S.D. Ill. Court system: illinoiscourts.gov.
KW Economics provides forensic economists for Illinois damages matters, including remote consultation, report preparation, and deposition or trial testimony where the case is venued. Contact us to discuss availability for your matter.
Illinois courts ask whether the methodology behind an expert opinion is generally accepted in the relevant professional community, and separately whether the economist is qualified by training and experience and applied the method to the facts of the case. Forensic economic methods for lost earnings, worklife, and present value are published and long used, so the examination usually turns on the inputs and their support in the record. Recognized nationally; no state licensure applies. There is no state license for forensic economists to check, so counsel verify the credential with its issuer and review the economist's testimony record directly.
Request a consultation on Illinois damages matters or call (201) 343-0700. Plaintiff and defense counsel.