Practice Hack: The Automatic Settlement Calculator
Hack your practice with a settlement calculator
As we’ve continued our mission to build the best case management software, we’ve noticed that plaintiff civil litigators are often faced with difficult equations. Equations like:
- How should we quantify pain and suffering?
- How will reward amounts be affected by venue or opposing parties?
- What level of punitive damages could actually reform a particularly bad actor?
But some equations don’t have to be so hard!
Calculating a Settlement
Our settlement calculator is a game-changer for attorneys. It compiles all the financial information from a case and shows the resulting yield for the client once medical costs, expenses, and lawyer fees are deducted.
It’s a great tool that helps attorneys understand their own financial trajectory. It helps them keep track of an extensive list of expenses. But its greatest value is in client communication.
It’s often said that the biggest problem with communication is the illusion that it has taken place. Attorneys know this to be especially true in regard to talking with clients about money. Any little smidgen of ambiguity or vagueness in these conversations can lead to dashed hopes, raised tensions, and decreased satisfaction from clients. The way you talk about money can make the difference between a cheerful referral source and a malpractice lawsuit!
Even if your clients have nodded along and signed in all the right places, they may not understand the actual consequences of contingency fees or expense reimbursement for their settlement yield. You don’t want to discover these miscommunications when it’s already too late!
Your clients are the deciders on whether or not to accept an offer, but it’s your job to educate them on the real consequences of different settlement scenarios. This makes the settlement calculator an educational tool, cutting through the noise of disbursement spreadsheets and legal terminology. It allows you to show your client exactly what the numbers mean for them and their settlement.
All of which makes the settlement calculator an indispensable tool for your legal practice. But we are on a mission to continually push the boundaries of legal technology and automation, and that’s why we’ve recently made our settlement calculator even better than before.
Pull Meds & Expenses Automatically
Instead of manually inputting expenses or med totals into the Yield Tab, you can instantly pull those numbers into the calculation. With a click of a button your disbursal sheet updates with the latest information. This greatly eases the disbursement process, and it allows you to show your clients the most relevant and up-to-date settlement scenarios.
Adapt to Change
Yield estimates can change often — either because new expenses arise or because new settlement offers are presented. But with the added ability to instantly pull expenses into your calculations, you can save time and cut down on the possibility of making a mistake.
There’s nothing worse than a client’s sudden disappointment and anger at seeing their final disbursement check, especially after a long and arduous legal battle. Keep that financial information upfront, and help your clients feel respected, informed, and in control. Then, watch as your practice continues to grow.