I can tell you what I do and I can tell you it usually works very well, although the leather used in these slip cases varies a lot and the results vary accordingly.
First, warning: do not do this with a wood inlay. Some are stabilized and essentially water-proof, but not all, and you don't want to find out the hard way.
What I do (YMMV):
Soak the leather. It will take some time. Open it up and fill with water. Run water on the outside. It will take some time to get it gently but thoroughly damp.
Put the knife in the case. Think about which side you want the clip on and which side of the case you want to line up with the flat side (if not an inlay knife).
Put the knife and slip case into a ziplock baggie.
Arrange a foam sandwich consisting of approximately 1" open cell foam and approximately 1/2" closed cell foam in a vise. You want the open cell foam pieces next to the leather, backed by the closed cell foam. If the vise jaws are not tall enough, back the closed cell foam with boards and use clamps to keep the boards parallel.
Close the vise. Be judicious. You want a lot of pressure on the leather, but you do not want to crush the clip or do other damage to the knife. If you are a habitual Yeti, stop reading and go to the next thread.

There is art, judgment and experience here. If in doubt, use less pressure; you can always lather, rinse and repeat.
Depending on how thoroughly you dampened the leather and how much pressure you used, an hour or two in the vise will be enough. Remove and let dry overnight.
I have done this a dozen times with great results, but YMMV. Be careful, you are working with a +$400 knife.
