Tip #43 - Use the Settlement Forecast Report to show Projected Income

Having an idea of the projected settlements for a specified time period is of utmost importance in effectively managing your firm – be it the number of cases you expect to settle over that time period or the fees (revenue) you expect to generate. Among the numerous reports available in SmartAdvocate, the “Settlement Forecast Report” was designed to give you such information. Furthermore, because it is a report, you can have it sent to you on a schedule you select by simply subscribing to the report. 

For the “Settlement Forecast Report” to be effective, however, there are certain pieces of information that must be entered in your cases; key among them are (1) Expected Resolution, (2) Minimum Settlement Value, and (3) Retainer fee agreement (retainer structure).

The “Expected Resolution” and “Minimum Settlement Value” are entered by editing the case from the Summary Screen. To do so, click the “Edit Case” button on the right side of the Summary Screen, then enter the data in the fields as appropriate.

The Retainer Fee arrangement is entered on the “Retainer/Referral” page. The Retainer Fee structure is used to calculate the expected/projected firm fee.

The “Settlement Forecast Report” is available by going to Reports > Financial Reports > Settlement Forecast Report.