“Negotiation is often described as the art of letting the other side have your way.”
Negotiation can be best described as an interactive process between two or more negotiators or parties seeking to find common ground on issues of mutual interest and create a mutually acceptable agreement that will be honored by all.
Negotiation skills are required in daily life for a peaceful and stress-free existence without misunderstandings. Moreover, negotiation skills are essential for successful commercial lawyers in a corporate setting.
A lawyer with strong negotiation skills can turn a loss into a beneficial compromise for their client.
Given how relevant negotiation is to our personal and professional lives, it is important to understand what it entails and how to ace it—be it in your interactions or competitions!
To begin with, here are some common elements or features of negotiations in a nutshell:
- Interests: Each party enters a negotiation with its needs and wants in mind, which guide its actions and words. Negotiators probe their counterparts’ stated positions to understand their underlying interests better.
- Communication: The success of any negotiation hinges on communication choices and skills. Communication helps foster relationships and legitimacy in the negotiation process.
- Strategies: Negotiation preparation should include an analysis of your current position, the best and worst alternatives to the negotiation (e.g., BATNA and WATNA), walk-away positions, and possible zones of agreement.
- Options – This refers to any available choice parties might consider during the negotiation to satisfy their interests. It could include alternative solutions, conditions, and contingencies. Having options in negotiations creates value and improves parties’ satisfaction.
Most people can significantly improve their negotiation skills by considering the above features, along with further education, constant preparation, and consistent practice.
To help you with your education, preparation, and practice, Lawctopus Law School offers a course on Negotiation.
As a sneak peek into the course, we will offer practical tips to help you ace negotiations in competitions and real-life situations!
- Preparation before Negotiation
Preparation before any negotiation is extremely important! Half the battle is won with prior preparation and research into the fact situation, surrounding laws, and commercial factors.
Here are some essential tips for preparing for any negotiation—whether for a competition or a real-life transaction!
- You must understand the overall issues and the interests of both parties.
- It is also important to know the goal of that negotiation so that the roadmap and strategies for meeting it can be decided in advance.
- You must also think of creative solutions that could benefit both parties. Reading between the lines for inventive options that may not initially seem obvious is imperative.
- Knowing the common facts and the client’s instructions is essential. Your job as a negotiator depends on the client’s wants and needs.
- You must know their role during negotiations—whether you lead the process or are a mere observer.
- You must clearly state each issue and how important each one is to your client. It is always wise to prioritise your client’s non-negotiable interests.
- You must have your BATNA, WATNA, and walk-away points sorted before entering the negotiation.
Once you have covered these basics in their preparation, you can tweak your mindset and strategies for the negotiation accordingly.
- During the Negotiation
This is the most crucial stage of the negotiation progress. Your actions at this time can make or break the deal!
To ensure a smooth, successful negotiation, here are some essential tips:
- You should always communicate your party’s interests and goals.
- You should not be afraid to ask the other party what their agenda is and what they hope to achieve.
- You must identify critical differences between party interests and assess if the gaps are bridgeable.
- You must identify your client’s critical tasks and prioritise them during the negotiation. Keep your eyes on the prize—the absolute non-negotiables!
- Time outs are an option for a reason—use them advantageously. They can effectively gather your thoughts, formulate a winning strategy, or find your feet if you feel the negotiation is not going as planned.
- Do not be afraid of silence. If a moment is needed to consider an offer, or if you are waiting for a response, there is no need to ‘fill the silence’.
- If an issue is dragging on, consider moving on and revisiting it later.
- Both parties must be clear about any proposal they suggest.
- It is imperative to have detailed discussions on the nature of any proposed agreement—whether it has any qualifications, prerequisites, etc.
- To gain more clarity, you must always try to dive deep into the details of any offers, proposals, or deals the counterparty suggests so that you have as much information as possible before making any decision.
- Remember to thank the other party if they have made any concessions during the process!
- Be open to suggestions, and try to be flexible.
- It helps to keep interests above egos; however, you must remain firm about walk-away positions and balance that with managing your client’s expectation of cracking a good deal.
- DO summarise the discussions at regular intervals! This helps keep track of the proceedings and ensures that both parties are on the same page.
- You must always end the discussion positively, even if it fails. If there is a shortage of time, suggest a potential future negotiation to build on the current debate.
The more you practice these tips, the better you will get!
- Overall Presentation
Excellent presentation, style, and manner are the icing on the cake, be it an actual life contract negotiation or a negotiation competition!
To help you be a sophisticated negotiator, here are some more tips that will hone your overall appeal:
- In competitions, especially, try not to let one person dominate the negotiation. Each team member should contribute equally. Although you may be tempted to allocate different elements of your response between yourself and your teammate, you will score higher in the ‘teamwork’ section of the criteria if you are both ready to speak to every point. Remember that you are working with your teammate for your client. Do not contradict what they say or talk over them.
- Review the rules, format, and scoresheet for negotiation competitions. These documents help you understand what is expected of you during the rounds.
- Always be professional, even if the opposing team members are your best friends or worst enemies.
- Greet the other side and introduce yourselves and who you are representing. Unless otherwise stated, always address the parties using professional terms.
- Keep a neutral tone which is assertive and polite. Do not be aggressive or unparliamentary or use inappropriate facial or hand gestures.
- Dress for success! Looking the part does make a difference!
In addition to these, you can follow many different tips and practices during negotiations.
To learn more about them and the mindsets and techniques that can be adopted during negotiations, check out Lawctopus Law School’s course on Negotiation.
How will this Course help you?
- Give you a strong foundational knowledge of what is Negotiation
- You will learn the micro-skills and techniques of Negotiation
- Learn about the psychology of Corporate Negotiations
- Learn how to become an ace Negotiator
- Learn how to start a career in Corporate Houses as a Professional Negotiator.
Register today and ace Negotiation Competitions and Real-Life Negotiations!
Source: Lawctopus
