publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/231030
NEGOTIATING WIN-WIN FEE ARRANGEMENTS You can give or take it away. For example, if you are a law firm, this could be specific expertise in certain matters, or a particularly efficient process in conducting certain matters. If a law department or a client, power could be a flow of follow-on work that the successful law firm could support. •Creativity: This is what we want both parties to use. Asking questions such as "why" or "what if we …" can help us come to an agreeable solution that works for both parties. This could mean amending the original scope, the team or duration, or perhaps it means adopting a different type of fee structure. Through collaborative negotiation, both parties can be creative about how to create value for each party. Don't wait to be creative. This approach is often used last when it should be used first. KEY TAKEAWAYS Negotiations can be daunting, especially if one party or the other feels that there is a lot at stake. By adopting some of the suggestions outlined, you can start off on the right track toward developing mutually beneficial arrangements. •Remember that collaborative negotiation is always better; it focuses on creating more value for all •Be prepared, and take time to put yourself in the other party's shoes •Ask questions and listen to the answers •Understand the value to each party •Be creative as early as possible so all parties achieve a better result Stuart Dodds is Baker & McKenzie's Director of Global Pricing and Legal Project Management. He is responsible for providing targeted pricing development, negotiation and project management support to partners and coworkers responsible for the firm's major clients. Stuart can be contacted at stuart.dodds@bakermckenzie.com. Suggested Reading •"The Negotiation Book: Your Definitive Guide To Successful Negotiating" by Steve Gates provides a good summary of the different styles involved in negotiation •"Negotiation," part of the Harvard Business Essentials Series, is a great resource about the theory and practical application of negotiation techniques •"High Impact Fee Negotiation and Management for Professionals" by Ori Weiner is a good book for those in the legal sector wanting to understand more about negotiation •"Smarter Pricing, Smarter Profit" by Stuart J T Dodds (due to be published Feb. 2014) builds upon many of the themes discussed in this article and more comprehensively addresses the linked processes of pricing, negotiation and legal project management within the legal sector