6 Negotiation Tips for Commercial Lawyers

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6 Negotiation Tips for Commercial Lawyers
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Preparation, preparation, preparation

• A slick suit and blinding smile wont get you
  through a negotiation. Do your homework. Prior to
  negotiations read and re-read your file, ensuring
  that you have the facts at your fingertips.

3
Know your client 

• Make sure that you have a sound grasp of your
  client, their business and the market they
  operate in. This will add value to the advice you
  give. 

4
 Allow for wriggle room

• Never go in with your best case offer straight
  away. Build in sufficient room to your offer so
  the other side will feel like theyve got a good
  deal. 

5
 Think one step ahead

• By looking ahead and analysing the various
  possible outcomes of your case, you will be able
  to enter negotiations with an open mind.

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Silence is golden

• It is human instinct to fill awkward silences in
  the context of a negotiation this may work in
  your favour. Silence is one of the strongest
  statements you can make. Count to ten.

7
Control the agenda

• Dont be afraid of telling the other side that
  you need time to consider a proposal with your
  client. Rushing crucial decisions can prove fatal.

8
Stay Focused

• Its all too easy to take your foot off the gas
  when headline terms have been agreed, but the
  really important part is getting the agreement
  formalised and implemented. 

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