Negotiation Group Exercise
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Dheepa
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- Jan 20, 2019
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Hi, first off huge congrats on getting to the AC! Really well done!
Generally what you can expect from negotiation exercises is:
1. Preparation time - You get split into teams and are given some information (the background to the exercise, what your clients want etc.) to read through and discuss with your other team members.
2. Negotiation - You then get taken into a different room where you and the opposing team start to negotiate and reach compromises based on what both your clients want.
Some tips:
1. During the preparation time, I always make a list of all the issues followed by what the client's ideal position/outcome vs least ideal outcome is on the issue. This then helps you work out with the rest of your team what you're starting point should be when negotiating with the other side and what the bare minimum you'd be willing to accept is (if forced to negotiate down). Starting with the best possible outcome (or perhaps even slightly more than the client wants) is also a good idea so that you ensure your client is getting a good deal even if you do have to concede some things.
2. Split the issues between each of your team mates so that each of you have the chance to take the lead on something during the negotiation and really showcase your skills
3. Do not assume that the other side has been given the exact same information as you. There's often quite a lot of conflicting information on both sides so ask a lot of questions for additional context and maybe don't give away your position on certain issues too quickly!
4. If you've been made an offer by the other side/been presented with new information, always ask for a few minutes to discuss it with your team. Sidebars like this are a great way to show teamwork but also give you a chance to gather your thoughts if things are getting tense.
5. Compromise! Good negotiations involve lots of compromise and not willing to change your position on anything is generally looked upon badly.
6. Timing - It's better to reach an agreement on all the issues rather than leave some of them undiscussed. So if you notice both sides being stuck for too long on one issue don't be afraid to intervene and mention the time and that it'd be best to decide on an outcome and move on.
There's also some more specific advice on the Macfarlanes one here. https://www.thecorporatelawacademy.com/forum/threads/macfarlanes-interview-2019-2020.2258/
Hope that helps!
Generally what you can expect from negotiation exercises is:
1. Preparation time - You get split into teams and are given some information (the background to the exercise, what your clients want etc.) to read through and discuss with your other team members.
2. Negotiation - You then get taken into a different room where you and the opposing team start to negotiate and reach compromises based on what both your clients want.
Some tips:
1. During the preparation time, I always make a list of all the issues followed by what the client's ideal position/outcome vs least ideal outcome is on the issue. This then helps you work out with the rest of your team what you're starting point should be when negotiating with the other side and what the bare minimum you'd be willing to accept is (if forced to negotiate down). Starting with the best possible outcome (or perhaps even slightly more than the client wants) is also a good idea so that you ensure your client is getting a good deal even if you do have to concede some things.
2. Split the issues between each of your team mates so that each of you have the chance to take the lead on something during the negotiation and really showcase your skills
3. Do not assume that the other side has been given the exact same information as you. There's often quite a lot of conflicting information on both sides so ask a lot of questions for additional context and maybe don't give away your position on certain issues too quickly!
4. If you've been made an offer by the other side/been presented with new information, always ask for a few minutes to discuss it with your team. Sidebars like this are a great way to show teamwork but also give you a chance to gather your thoughts if things are getting tense.
5. Compromise! Good negotiations involve lots of compromise and not willing to change your position on anything is generally looked upon badly.
6. Timing - It's better to reach an agreement on all the issues rather than leave some of them undiscussed. So if you notice both sides being stuck for too long on one issue don't be afraid to intervene and mention the time and that it'd be best to decide on an outcome and move on.
There's also some more specific advice on the Macfarlanes one here. https://www.thecorporatelawacademy.com/forum/threads/macfarlanes-interview-2019-2020.2258/
Hope that helps!
Further to @Dheepa's answer above, I would also say to remember what you're fundamentally being assessed on: teamwork. Remember that the primary reason for these exercises is to see if you can work well in a team and what sort of position you take within the group: for example, whether you lead the group (and, then, what is your style of leadership) or whether you prefer to work taking instruction or letting another adopt a more leading role. Personally, I usually assumed more of a leadership position in groupwork tasks but ensured that I made a conscious effort to encourage all team members to contribute- that was just me, though, and a leadership role wouldn't necessarily suit everyone. Ensure that you contribute well to the discussion, assist those who are struggling, etc- these are, after all, tests of emotional intelligence.
From the standpoint of actually negotiating, do a bit of research into styles and approaches to negotiation as well as negotiation tactics. Are you a collaborative negotiator or do you go hardball? Neither is necessarily right or wrong, I always used a combination of both. Similarly, what tactics are you going to use? Are you going to make package offers? Trade certain things off against each other? What are your hard 'walk away' points etc? These are all critical to have tied down as a team beforehand and to be on the same page about.
I've done several of these at VS's and AC's as well as a dedicated AMDR module at University, so I'm happy to develop these points as much as would help.
From the standpoint of actually negotiating, do a bit of research into styles and approaches to negotiation as well as negotiation tactics. Are you a collaborative negotiator or do you go hardball? Neither is necessarily right or wrong, I always used a combination of both. Similarly, what tactics are you going to use? Are you going to make package offers? Trade certain things off against each other? What are your hard 'walk away' points etc? These are all critical to have tied down as a team beforehand and to be on the same page about.
I've done several of these at VS's and AC's as well as a dedicated AMDR module at University, so I'm happy to develop these points as much as would help.
Hey all,
further to this discussion, I've just released my "Definitive guide to Assessed Negotiations" within the Interviews Forum- I believe it's also currently being featured too. This will be a much more in-depth breakdown of the discussion on this thread!
further to this discussion, I've just released my "Definitive guide to Assessed Negotiations" within the Interviews Forum- I believe it's also currently being featured too. This will be a much more in-depth breakdown of the discussion on this thread!
