The Five Golden Rules of Negotiation by Philippe Korda download in pdf, ePub, iPad
Because many transactions involve parties with future relationships and standards can provide an independent and objective view of the issues. Pursue each on parallel tracks in the following way. Maximizing leverage can be especially challenging for litigators. Provide your counterpart with the ability to walk away feeling like he negotiated a decent result.
Here are five golden rules of negotiation to increase your ability to get what you and your clients want. And the higher the likelihood of their winning at trial, the stronger their negotiation leverage. On the litigation track, always push forward to trial in an appropriately aggressive fashion. It's never too late to learn and improve. Negotiation power goes to those who listen and learn.
And if we run out of time, I'll be happy to come back or put together a written proposal for you based on your needs, what we've discussed, and include my fee. Without it, you'll be scrambling. Controlling the agenda can make or break your negotiation.
Instead of trying to convince the other side of the strength of their case or why the other side should agree to the merger, they start by getting information. Ignoring them can be a recipe for failure. Effective lawyer-negotiators know this well. With information in your pocket, you have power. Experienced lawyers often tell me they wish they had been exposed to the strategic elements of the negotiation process earlier in their careers.
So don't just start at one point and refuse to move. To avoid this mistake and others - and to strategically negotiate and thus increase your ability to get what you and your clients want - follow my Five Golden Rules of Negotiation. Yet relatively few lawyers have ever learned the strategies and techniques of effective negotiation. Instead, most lawyers negotiate instinctively or intuitively.
And if your counterpart tries to control the agenda, negotiate it. This can depersonalize the negotiation and help preserve their relationships. Fairness, in most instances, boils down to a matter of relatively objective standards, like market value, precedent, efficiency, or expert opinion. Then we can discuss the value I add, which provides the basis for my fee. Whether you're trying to settle a lawsuit or attempting to close a merger, you're negotiating.
On the one hand, they should convey to opposing counsel that they are ready, willing, and able to take the case all the way through trial. If both sides can agree on a fair and reasonable standard, many negotiations will be successful.
You agreed to speak with Jane before you had strategically prepared. Unknowingly, they're giving up power from the first time they open their mouths. The fact is, lawyers negotiate constantly. For transactional lawyers, standards can play an especially crucial role.
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