Negotiation has always been an important skill and process in business and personal career, but it’s twice as important in the legal industry. Corporate law firms in the Philippines like Montano Flamiano Law can attest to that.
A good corporate lawyer should master the art of negotiation to help the businesses they handle reach greater heights and eliminate risks. While they’re getting the hand of corporate lawyering, corporate lawyers in the Philippines should also learn a few negotiation tips to improve their knowledge, skills, and experience.
What’s The Essence of Negotiation For Corporate Lawyers?
In the legal and business context, negotiation is used by corporate lawyers to close successful business deals, ensure legal compliance, confront intellectual property rights issues, and strengthen or acquire partnerships, among others. Corporate lawyers are expected to be good negotiators to assist decision-makers.
Negotiation Tips For Corporate Lawyers in the Philippines
These tips can help corporate lawyers improve their negotiation skills, as well as other interpersonal skills. Each of these tips can bring you one step closer to mastering the art of negotiation.
Gather All Information
Gather all information about all the parties involved, the situation, and the demands before you step on the negotiation stage. There’s power in information, and you need to utilize your knowledge to make better decisions.
Take Control And Maximize Your Position
This may be one of the most challenging steps for corporate lawyers. The other party would, of course, aim to take control as well. The best way to take the upper hand is to take control of the negotiation before it even begins. You can do this by being the meeting scheduler, controlling your expectations, and updating your bargaining tactics. When the negotiation starts, take control of the pace and topics of the meetings.
Prioritize Revenue And Risks
Focus on what the deal means for the company or the client you’re handling. Focus on the two Rs: revenue and risk. Think of how the deals and demands of the other party would affect the current revenue of the company and foresee the future risks they might bring. You need to consider both the present and the future.
Ask Questions And Requests, But Don’t Demand
Cooperate and collaborate with the other party properly. If you want to change some terms and conditions, ask questions and make requests. But don’t demand. Ask them about your concerns and open a healthy argument.
End the Negotiation on A Positive Note
Negotiations should result in win-win situations. As a corporate lawyer, always end negotiations on a positive note and treat all parties with respect. This could close win-win deals and open more opportunities in the future.
Why Enroll In A Negotiation Masterclass
These negotiation tips are just part of the surface. Corporate lawyers have more to learn along the way, and a negotiation masterclass from Novum Learning can help with that. This masterclass includes all the specific communication skills, strategies, and resources needed to help corporate lawyers in the Philippines successfully master the art of negotiation.
Novum Learning’s courses for lawyers and business professionals are proven to be effective in addressing skill and knowledge gaps, and corporate lawyers from Montano Flamiano, once again, can attest to that.