My clients who have been injured by a failed medical device like an artificial hip or knee or a problem drug like Viagra suffer in many ways. There is the physical, emotional and psychological suffering. But there is another form of suffering that is often as traumatic: financial suffering. A failed medical device may cause a client to lose his or her job, and the lost income and extra medical expenses can be devastating. The good news is, often these clients receive a large sum of money from a settlement or jury verdict when a medical device or drug injures them.
Clients occasionally ask my advice on how best to handle the new money that has come into their lives. Frankly, this is a happy conversation. But it’s also extremely important to get the answer right. The worst thing clients can do is spend down the money quickly and have nothing left a few years down the road when they still need money.