Estimated Value v Actual Value

Lawmatics has two different native fields designed to capture the monetary value associated with matters. This article will explain the difference between the two.

At its most basic level, Estimated Value is meant to capture the expected revenue that will be generated from a matter. This is best used during the intake phase, before a lead has hired your firm. Actual Value is meant to hold the actual amount of revenue that you received in the matter. This is something that should be entered after the case is completely over.

Estimated Value

As previously mentioned, estimated value is meant to capture the anticipated value of a matter. Perhaps you have a personal injury lead that was involved in a car accident. You might have an idea what you think the case is worth. You also know what fee percentage you would be taking in the case. It would be appropriate to add this expected firm revenue to the estimated value field. 

The estimated value field will be used primarily on the Pipeline page. Lawmatics will use the estimated value numbers to give you revenue projections from each stage of your process that is represented with a pipeline stage. This is designed to give you a rough estimate of the amount of revenue that you have sitting in your pipeline. You can also use estimated value in custom reports in order to view this data in the way that you want to see it.

Actual Value

Actual Value is specifically designed to receive the total revenue that your firm generated from a particular matter. For that reason, it is typically a number that is added into Lawmatics only when a matter is completely closed out, or when all money has been received on the matter. It is important to populate this field whenever possible though as the number is a critical piece to the ROI (Return on Investment) reporting that is built into Lawmatics. Actual Value can also be used in custom reporting the same way that Estimate Value can. Currently, Actual Value is a field that must be manually updated, it does not auto populate with data from your practice management solution.