Firearm-related homicides exact an enormous physical and psychic toll on U.S. cities. The principal policy response to gun-related homicides is the incarceration of the perpetrators in the subset of homicides in which they can be identified and successfully prosecuted. In order to better measure the social benefits of this policy, this paper uses the criminal careers of perpetrators of non-fatal shootings as a counterfactual. The comparison of the criminal careers of identified perpetrators of fatal and non-fatal serves also serves as a useful window into the unrealized social benefits associated with the lesser punishment of non-fatal shootings.