|Posted by Thomas Ault on September 11, 2018 at 6:35 PM|
Tort Relief TJA 08/19/2018 From time to time, as most other folks do, I read something that requires an answer or at least a comment or two. Today is no exception. �??Church group�??s opposition stuns advocates of tort reform�?� has caused me to consider the �??tort�?� situation. First and foremost, the word tort is defined �??A wrong that is committed by someone who is legally obligated to provide a certain amount of carefulness in behavior to another and that causes injury to that person, who may seek compensation in a civil suit for damages.�?� People should be compensated, to a realistic degree. Looking at some of the crazy and unnecessary amounts of money being awarded is sad. For example, let�??s say a person, on a yearly basis, earns $100,000.00. He/she is no longer to perform �??any�?� kind of work. That person certainly should be awarded a sum equal to what they could be earning until the age of 67, or whatever retirement year is in vogue at the time. Let�??s say the person is now 25, and has 42 more years of life expectancy before retirement kicks in, and is definitely unable to work. Assuming that the income will jump by 4% a year (this is not based on any factual finding) that would amount to more than $4,368,000.00. (Accumulative yearly increases is impossible to figure) The 1st year�??s assumed income could be given the person, and the remainder put into an interest bearing account that would pay out each year according to the average wage of the time, for that income level. Of course if there was actual continuous medical treatment that would have to be taken into consideration. Today, we are rewarding many times that amount of money with a generous portion going to the law firm that represented the individual. The problem here is that if we award the $4,368,000.00 as a lump sum and the fee is 10%, (which I understand is way below the going rate) that firm, or that attorney, will receive a minimum of $436,800.00. Now I am not against anyone earning a reasonable buck or two, but if that took a year of work, that is still a pretty hefty bunch of money, don�??t you agree? If you received that balance, in this case, $3,931,200.00, would you take it, put it in the bank, and never say another word? Let�??s wise up!