5 Expert Negotiation Tips
Need to argue for a lower hourly rate? Just curious about how lawyers negotiate? These negotiation tips will offer some fascinating insight.
Negotiation is a skill that everyone from young to old should have in their toolkit. This is especially true if you need to negotiate your hourly rate down, or you need a cash advance on your lawsuit.
There are many negotiation tips that if you were aware of, you could use to bring about a win-win situation for all involved.
The problem is that almost 50% of Americans don’t think that they are good negotiators. That’s a huge chunk of the population walking around with poor confidence in their negotiation skills.
Read on to see advice for negotiating with people that can help you circumnavigate the ups and downs of the bargaining table.
1. The More Information You Have, the Better Your Negotiations Will Go
The more information you can gather by asking questions, leaning back and listening, and doing your research, the better off you will when it comes time for negotiations.
This way you won’t always have to rely upon a lawyer to do your negotiations for you. Interestingly, this is where people falter the most.
You might have the false belief that if you play hardball as the lawyers do on those TV shows, you will be able to come out on top in your negotiations. But that’s not ethical negotiating.
You don’t want to steamroll the other side or intimidate them into giving you what you want. The more questions you ask, the more you will understand the opposite side.
You will know what they are looking to gain from the negotiations. All this information can be used to create an offer that they cannot refuse.
No one likes to haggle – it feels uncomfortable and slimy. The best way to avoid this is to gather information on the other party and their needs and desires and offer them what they want.
2. Try To Come up With a Positive Situation for All Involved
The point of the negotiations isn’t to feel powerful and power over the other party. That might be the case in some Hollywood movies you’ve watched. But that’s not how you want things to run in real life.
As you understand the other party, you will be able to understand exactly what would make them happy in the negotiations.
The best negotiations happen when you come to a harmonious conclusion that benefits everyone involved equally.
In a lot of cases that solution is absolutely a possibility. Don’t give up too easily. You might need to work at it a bit more than usual to find that sweet spot.
3. Don’t Jump Into Negotiations When You Are Not Ready
Never let the other party dictate the flow of the negotiations and never start negotiations when you are not ready.
For example, if the other party calls you over the phone and asks to start negotiating right away, take a step back, and tell them you are busy on the other line.
You’ve probably heard this rule of negotiation – whoever makes the first offer is more effective in negotiations. But you will not know what offer to make, if you are thrown into it, without any forewarning.
Whenever the other party is trying to manipulate you into making a move sooner than you wish, respectfully decline. You know better than that.
4. Be Respectful During the Negotiation Process
There’s no need to be cruel or disrespectful during your negotiations. You don’t need to start yelling at the other party or throwing tables, chairs, or laptops at them. This is real life, not a Law and Order SNL skit.
No matter how disrespectful the other party is being, the onus is on you to keep things clean and humble.
The one who loses their temper also loses the negotiation game. Keep a level head going and you will be able to dictate the flow of negotiations quite easily.
Whenever it is your turn to speak, do not use negative slurs or epithets to tear the other person apart. Assert your side respectfully and calmly. Be Buddha-like in your assertions.
In fact, you can also start speaking softer and softer when the other party starts yelling louder. They will have to quieten up just to hear what you are saying and that might calm them down.
5. Maximize Your Leverage – Use What You Got
The problem with a lot of newbie negotiators is that they don’t use what they have. They might have the Ace of cards in their back pocket, so to speak, but they use it improperly, either too late, or too early, or not at all.
Do not make that rookie mistake. Know where you stand in the negotiations and use your Ace properly. You know what the other side wants and you know what you have to offer. Now maximize your leverage effectively.
Everyone has something positive on their side, something advantage that will help them forward. The key is to use it at the right time, in the right manner, without faltering, or fear.
The great thing about life is that all you have to do is try. You won’t learn anything if you hold back. The more tactics you try, the more chances you have at succeeding.
Also, don’t be afraid of looking foolish. Speak up and throw out a crazy offer that might seem impossible. You never know. They might just be as forward-thinking as you and agree to it.
Negotiation Tips for the Ages – Anyone Can Be an Expert
The five negotiation tips shared above are the most important to keep in mind when negotiating but don’t let yourself be bound up by these rules.
Listen to your gut and follow what it says, even if it contradicts the tips above.
Sometimes your gut sees something that your conscious mind doesn’t. Don’t negate it or ignore it.
If you are interested in fast pre-settlement funding and lawsuit loans, then don’t hesitate to contact the offices of Legal Bay, LLC today.