As a manager, one of my main duties is to negotiate. I have to negotiate terms of contracts, payments, appearances, sponsorships, travel, transportation, advertising… you name it. Negotiating is a never-ending part of my job. The key is to know how to negotiate, what tools or strategies to use and when, and how to deal with the opposition in order to get what you want without upsetting the other party.
I figured a good way to learn the keys to successful negotiating would be to pick the brain of a trial lawyer. Although this person deals more with federal litigation and white collar crimes, his 15 years of experience in the field in addition to his schooling allow him to offer great insight and advice, because let’s face it: Negotiating is negotiating, whether it’s for an actor, a criminal, or yourself.
So, without further ado, when I asked Moe Fodeman, an attorney for Wilson, Sonsini, Goodrich, & Rosati in New York City, what his strategies are for successful negotiating, here is what he had to say:
“From my perspective, the key to successful negotiations is leverage. Without leverage, you really have no shot at all shifting the negotiations in your favor because the other side can say just say "no" to you without losing anything. You have to identify the other side’s weakness(es), make them understand those weaknesses are real and that they pose a significant risk. So, for example, in my line of work, the key to negotiating to favorable plea agreements for criminal defendants is to make the government understand the shortcomings of their case (if there are any) and make them believe they could lose.
Beyond leverage, (since in the world of federal criminal defense, we very rarely have much leverage!), I find that the most important tool in successful negotiations, is to maintain credibility. People know when you're trying to sell them a bill of goods. And if they don't feel they can trust you, they're unlikely to move your way in a negotiation because they'll be too afraid that you're trying to get over on them. The other side has to believe you when you tell them their case is weak, or that your position is strong, or that you are prepared to walk away from the negotiations.”
Beyond leverage, (since in the world of federal criminal defense, we very rarely have much leverage!), I find that the most important tool in successful negotiations, is to maintain credibility. People know when you're trying to sell them a bill of goods. And if they don't feel they can trust you, they're unlikely to move your way in a negotiation because they'll be too afraid that you're trying to get over on them. The other side has to believe you when you tell them their case is weak, or that your position is strong, or that you are prepared to walk away from the negotiations.”
Moe Fodeman is currently representing me and one of my entertainment clients. I have seen him at work and in the line of duty, and on top of what he has to say here, I think another key to successful negotiating is being personable. Moe is outgoing and likeable. He makes it difficult to say no.
So, in summary, I recommend going into a negotiation with confidence, but not too much that you ruin the rapport you have built with the opposition. Listen, respect the other party, and work together to come to an agreement. And if all else fails, hire a lawyer!
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