5 WAYS TO HELP YOUR ATTORNEY NAIL YOUR NEGOTIATION
5 WAYS TO HELP YOUR ATTORNEY NAIL YOUR NEGOTIATION
Successful negotiations require experienced negotiators. The fact is, lawyers negotiate constantly. Whether settling a lawsuit or closing a business deal, there is an art to strategically accomplishing wins for clients. The art of negotiation speaks to the manner in which facts are acquired and presented to garner support and acceptance of an opposing view. Attorneys are experienced at helping you avoid mistakes and pitfalls that most would miss.
However, the client can and should play an important role in facilitating a winning-negotiation. As the client, there are at least 5 ways you can assist your attorney to help them prepare the best strategy possible to nail your negotiation before it even starts.
1. Information is POWER – disclose everything!
Your lawyer is on YOUR side. You can trust your lawyer to represent your best interests. So tell them your story…ALL of your story. All details (even minor details) are relevant, so be open and forthright with your attorney from the initial consultation until the time you enter the boardroom or settlement hearing. What you don’t disclose to your attorney can hurt you if they are caught off guard by information you failed to disclose. Surprises are not a lawyer’s friend in court while arguing against your opponent or in meetings with the party to whom you’re negotiating. Effective lawyer-negotiators understand that the strength of the deal lies in the information that’s on and off the table.
2. Have your documents ready.
Benjamin Franklin said it best, “if you fail to plan, you are planning to fail”! The key word here is prepare, prepare, prepare! Ideally, from day one of your business’ inception, have service agreements and contracts in place that appropriately represent the business’ rights and obligations with other parties and keep a file of signed copies.
Of course this is the ideal scenario, and often contracts and formal agreements may not exist between parties. So before your first visit with your attorney, try to gather and familiarize yourself with the notes, emails or your informal research related to the deal. If there are formal agreements and contracts in place from a previous negotiation, bring them with you to your consultation. Even after your initial consultation, continue gathering and organizing those documents that may be relevant to your deal.
This will save you time and money. This also allows your legal representative enough time before the negotiation to control the agenda and craft the best contract provisions that will suit your needs and that the other side will likely find agreeable. The more time you give your attorney to familiarize themselves with your business, the more they can ensure a new deal that demonstrates the intent and understanding of the parties as opposed to just mere words on paper that may yield an unintended result.
Expert negotiators always consider the possibility of litigation down the road and, therefore, pack agreements with provisions that consider current laws and that protect you should litigation ensue. However, forethought and preventative measures on your lawyer’s part require that you prepare the pertinent information necessary for them to evaluate and build a strong and valid “case on paper” before a lawsuit ever takes place.
3. Identify practical business issues.
Contracts involve both legal and business issues that need to be considered going into negotiations. Your lawyer will understand the legal nuances and changes in the law that may affect certain contract provisions as well as your business. However, only you know the day-to-day obligations and decisions that affect your business activities, employees, cash-flow and bottom line. Therefore, work with your attorney to identify business issues and factors that may impact your business legally and practically. Here are a few examples of business issues to consider:
— Costs of products or services.
— Product specs or service exclusions.
— The logistics of when, where or how the product or service will be delivered.
— Insurance coverage.
Your insight on your business’ practical operations will help your attorney craft contract terms that address both legal and business issues, and help them articulate to the other party why you deem certain terms and conditions necessary.
4. Adjust Your Mindset – “All or Nothing” vs. “Compromise”
The art of business negotiation lies in the bargaining. It’s the give and take “between two or more parties (each with its own aims, needs, and viewpoints) seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict.” (Business definition of “negotiation”).
The objective of successful negotiations are rarely “all or nothing.” The objective should be to find a place of settlement that is mutually satisfying. Of course, there are deal breakers – the must-haves that are non-negotiable. Identify non-negotiables and discuss them with your lawyer up-front. Doing so will afford your attorney time to prepare adequately for an aggressive yet tactful fight for the outcome that matters most to you during negotiations.
5. Lawyer-up!
You should never sign anything you don’t understand. However, think about how often we do this. From a simple iPhone App agreement to the terms of a rental car agreement for a business trip – we’re constantly signing over our lives. However, when a customer, client, office landlord or vendor presents you with a contract, you should lawyer-up before signing-up.
A good business attorney will provide vital assistance in almost every aspect of your business –from the beginning stages of formal business incorporation to complex zoning compliance talks with municipalities. If you are unsure about hiring a business attorney for your next negotiation, consider the following before putting the matter to bed:
Business attorneys
— Help protect against lawsuits.
— Mitigate damages.
— Draft and review contracts.
— Help businesses incorporate under appropriate entity structures.
— Handle employee-related issues.
— Facilitate the buying or selling of a business (or a business merger).
— Engage in compliance management of business structural matters.
Indeed, there are many legal tasks associated with starting and operating any business. Some are simple, some appear simple, and others simply require legal counsel. Whether your business attorney is on retainer or hired as needed, they can help you …
— Close the deal.
— Review and take negotiate provisions out of the contract that work against you and include provisions that work for you.
— Provide counsel and explain to you what you’re getting yourself into.
— Help you understand what the Wherefore’s and Herein’s of the contract really mean.
You don’t have to go-it-alone, and you can help the attorney you partner with nail your next negotiation.
Your Thoughts: We would love to hear your war stories. How did you nail your last negotiation? What advice or tips would you add to our list? Any questions?
This article is intended to provide you with general information; it does not constitute any type of legal advice. For recommendations related to your specific matter, we encourage you to review our Practice Areas page for additional information and then contact us to discuss your company’s legal needs.