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Legal and Financial Aspects of Lost Profits Damages in Commercial Litigation

Learn how lost profits damages are calculated and how to effectively use an expert.

Lost profits can be one of the most difficult types of damages to properly address in disputes. In commercial litigation, financial experts may be employed to help assess and present complex financial analyses. However, it may be valuable for counsel to gain an improved understanding of lost profit damages calculations. This can help counsel and their client work efficiently and effectively with their expert witness, evaluate and cross-examine opposing experts, best identify the key information that they would need from opposing parties, and prepare their own determinations for timely case risk and return assessment. This topic will help those responsible for developing claims, as well as those responsible for responding to claim requests, to understand the general approach and methodologies used to determine lost profit damages.

Runtime: 83 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Economic Damages Are the Economic Harm Suffered by One Entity Due to the Wrongful Act of Another
  • Goals of Economic Damage Claims Include (I) Returning the Damaged Party to But-for Position, and (II) Preventing the Alleged Wrongdoer From Benefitting

Types of Damages

  • Compensatory vs. Punitive
  • General vs. Consequential
  • Expectation, Reliance, and Restitution Damages for Breach of Contract Claims
  • Other Types of Economic Damages

Elements of Lost Profits Cases

  • Proximate Cause
  • Foreseeability
  • Reasonable Certainty
  • Duty to Mitigate

Approach to Measuring Lost Profits Damages

  • Three Column Approach
  • Important Considerations When Performing Lost Profits Calculations
  • Potential Lost Profit Calculation Pitfalls
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 30, 2019.

Call 1-866-352-9540 for further credit information.

  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • Lorman Education Services is a Certified Provider, as recognized by the Colorado Supreme Court Continuing Legal and Judicial Education Committee. This program is approved for 2.0 credit hours.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • FL CLE 2.0 including Business Litigation 2
     
  • This course has been approved by The Florida Bar for a total of 2.0 hours of CLE credit. The course is approved for the following: Business Litigation for 2.00 hours.
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.25
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
     
  • IA CLE 1.25
     
  • Legal and Financial Aspects of Lost Profits Damages in Commercial Litigation is accredited under the regulations of the Iowa Supreme Court Commission on Continuing Legal Education. It is planned that this program will provide up to a maximum of 1.25 hour(s) of unmoderated credit towards the mandatory continuing legal education requirements under the Iowa rule. Please note: you can receive a maximum of 6 hours of unmoderated activities per calendar year.
     
  • IL CLE 1.25
     
  • This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.4
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.4 hours of Distance Education credit.
     
  • ME CLE 1.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.25
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.25 hours of credit.
     
  • MS CLE 1.4
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.4 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NC CLE 1.25
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.25 CLE hours.
     
  • NH MCLE 1.4
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 82 Minutes.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • OK CLE 2.0 including Ethics 0
     
  • This course has been approved by the Mandatory Continuing Legal Education Commission of Oklahoma for a maximum of 2.0 hours credit, of which 0.00 hours are credits covering legal ethics.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.37
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.37 hours of credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of self-study CLE credit.
     
  • WA CLE 1.25
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • NALA 1.37
     
  • This program is applicable for continuing legal assistant education credit. Please check with your accrediting board to see if this course will qualify towards your recertification requirements. Program Length: 1.37 hour(s).
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Dayna Anderson

Dayna Anderson

Kenrich Group LLC

  • Vice President in the Chicago office of The Kenrich Group LLC
  • Financial damages litigation consultant, specializing in commercial litigation matters involving breach of contract, forensic accounting, and construction cost overruns
  • Over 15 years of experience in damage analysis
  • Provided expert testimony in various settings including depositions, mediations, and arbitrations
  • Certified Management Accountant
  • Certified Fraud Examiner
  • B.S. degree in general engineering, University of Illinois
  • Can be contacted at [email protected]
David Bones

David Bones

Kenrich Group

  • Vice President in the Phoenix office of The Kenrich Group LLC
  • Financial damages litigation consultant, specializing in commercial litigation, valuation, forensic accounting, construction, government contracts, and bankruptcy matters
  • Over 16 years of experience in damage analysis with an emphasis on lost profits analysis, business valuation, construction cost accounting, and productivity analysis
  • Provided expert testimony in various settings including depositions, arbitrations, jury trials, and mediations
  • Certified Valuation Analyst
  • B.A. degree in finance, Arizona State University; University of California, Los Angeles, Accounting Certificate
  • Can be contacted at [email protected]
Joe Seder

Joe Seder

Kenrich Group LLC

  • Vice President in the Chicago office of The Kenrich Group LLC
  • Financial damages litigation consultant, specializing in construction, insurance, and government contracts
  • Over 19 years of experience in damage analysis with an emphasis on the evaluation of financial damages, including calculation of lost profits
  • Provided expert testimony in various settings including depositions, mediations, and arbitrations
  • Certified Fraud Examiner
  • M.B.A. degree, University of Chicago Booth School of Business; B.S. degree in industrial engineering and management science, Northwestern University
  • Can be contacted at [email protected].com
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405805
Published 2019
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