Hey!
Whilst I haven't completed a negotiation exercise at an AC before, I did complete one when I competed in BIUCAC and during my vacation scheme at
Travers Smith, so I'm happy to share how I prepared for these!
I remember finding negotiation exercises really intimidating, but they feel slightly easier and less nerve-wracking once you are actually in it. The key thing to remember is that negotiations are much more about how you approach the discussion, rather than 'winning' or forcing the best deal. You should be looking to display traits such as collaboration, commercial awareness, and clear communication - definitely try to avoid things like aggression and stubbornness (which was slightly challenging for me as a naturally stubborn person haha 😅).
It is difficult to prepare for a negotiation exercise in advance of an AC, as it will depend a lot on the fact pattern itself. In terms of preparation on the day, make sure that you know your brief inside out. It is important to be really clear on your client's priorities, and break the factors down into:
1. What is essential for your client
2. What you are willing to negotiate (i.e. there is some leeway)
3. Areas that you are willing to compromise
It helps to have a think in advance about any potential trade-offs, so that you are not just saying yes or no but can suggest alternatives or offers to the other side that move the discussion forward.
During the exercise itself, focus on listening just as much as speaking. I would try to ask questions, acknowledge the other side's points, and explain your reasoning calmly. A good negotiation should feel constructive rather than adversarial, so make sure to keep the tone professional and solution-focused. If any new information comes up that wasn't included in your facts, show that you can adapt rather than sticking rigidly to what you prepared in advance - this is why it is important to have some areas you are willing to negotiate and compromise on.
Additionally, if it is a team negotiation, I found it really helpful to summarise the points that had been agreed as we went along. This helped for time management, as you want to ensure that you aren't staying stuck on one point for too long. If the negotiation has been stuck for a while, it might make sense to suggest that you move on to the next issue, and come back to the earlier point towards at the end.
One thing that I picked up on after speaking to the assessors at the negotiations I have taken part in is the importance of being realistic with your demands. For example, if your client is aiming for £100,000 for a company, it makes sense to open slightly higher to leave room for negotiate, but you should avoid going wildly overboard (e.g. suggesting £1,000,000). An unrealistic opening position can undermine your credibility and make it harder to build a constructive dialogue. A sensible and well-reasoned starting point shows commercial awareness and helps keep the negotiation collaborative overall.
If you have time to practise, you could have a go at doing a mock negotiation with a friend - even just getting comfortable structuring your points and responding under a bit of pressure can be really helpful. I'd also recommend that you familiarise yourself with concepts such as warranties, indemnities, etc. before the AC (if you haven't already), as these are things that are likely to be negotiated.
Overall, as long as you stay calm and continually aim to work towards a solution with the other side, you will be doing exactly what the graduate recruitment team want to see - even if you don't end up with the 'best' deal.
Best of luck!!
