People awarded significant damages settlements after being represented by Hudgell Solicitors will now also be able to benefit in a “one stop shop” service from leading independent financial advice and planning experts to ensure the money they are awarded has the maximum positive impact on their lives.
It comes as the firm has joined forces with Frenkel Topping, specialist financial advisors to the recipients of clinical negligence and personal injury awards for the past 30 years.
It means clients who receive awards, usually of £50,000 and more, will be offered a free, no obligation, ‘life after settlement’ consultation through the newly created Hudgells Financial Management Services Limited arm.
Amanda Stevens, Chief Executive of Hudgell Solicitors, says she is delighted to be working closely with Frenkel Topping and providing a service which will help ensure money secured for clients does exactly as it is intended, supporting them for their loss, especially in cases of long-term, life-changing injury.
“Our work is all about ensuring we secure appropriate compensation settlements which provide our clients, many of whom have lifelong and life-changing injuries, with the funds needed to support them, and their families, long term,” she said.
“Damages settlements are not a financial win. The money is secured to compensate for pain and suffering but crucially to provide support for vital ongoing rehabilitation, meet current and future accommodation and possible care needs, and also to cover the long-term financial impact and loss suffered as a result of the injury sustained.
“In many cases, clients can be overwhelmed when they all of a sudden find themselves with a large sum of money. It can be quite daunting as often they don’t know what they can spend the money on, and whether they should be spending it.
“Many people don’t know where to start in terms of planning how best to manage these damages awards, especially if they are awarded at a relatively young age and they still have the majority of their lives ahead of them.
“A question a lot of clients ask is ‘Who is going to help now?’ That’s why we are very excited to offer this new service.”
Financial planning, budgeting, trusts and investment options covered for clients.
As part of the ‘life after settlement’ consultation offered, issues such as financial planning, budgeting and cash flow modelling will be covered.
The possible impact on any future benefits payments for clients as a result of their damages award will also be reviewed, and the option of establishing a Personal Injury Trust, which can protect such entitlements, can be discussed and considered.
Advice will also be provided on the management of trusts on behalf of children and those without mental capacity to manage their finances.
Mark Holt, Managing Director of Frenkel Topping, says he is excited to be establishing a service which will bring added value to Hudgells customer care.
He said: “We are excited to be supporting Hudgell Solicitors in offering what is a key service to its clients.
“We regard ourselves as ‘financial social workers’ as we are there to support people through what is a huge change in their financial position, at a difficult time in their lives.
“It is important that clients of Hudgell Solicitors are given the best possible support not only after injury and throughout their legal case as damages awards are considered, calculated and agreed, but crucially after that payment is made.
“Simple advice on issues such as lifestyle choices, budgeting and financial planning, as well as long-term considerations such as possible low-risk investment options, can ensure damages settlements go as far as possible and make the most positive impact possible on people’s lives.
“That is what both Hudgells and Frenkel Topping pride ourselves upon, so we are looking forward to working together to deliver the very best for people left coping with life after serious injury.”