Categories : Law Practice Management
Preparing for Negotiation: A Novel Concept?
By Linda Barkacs and Craig Barkacs
Most people succeed or fail in a negotiation based on how well-prepared they are (or are not!). We adhere to the 80/20 rule – 80% of negotiation is preparation and 20% is the actual negotiation with the other party. The reality is that most people are woefully unprepared when they enter a negotiation. Many business executives describe their negotiations as win-win, only to discover they have left thousands of dollars on the table. Research indicates that fewer than 4% of managers reach win-win outcomes and the incidence of outright lose-lose outcomes is 20%. Even when negotiators are in perfect agreement, they fail to realize it half the time.1