Speaking to a group of business negotiators, former Secretary of State James Baker outlined six mediation tips that are helpful for parties, lawyers and mediators alike.
In “Closing the Deal: Six Methods of Negotiations,” Mr. Baker discusses the importance of:
- Understanding the other side’s position
- Building trust through personal relationships
- “Parallel reciprocal confidence building” (breaking down the overall negotiation into a series of smaller steps and building on each success)
- “Principled pragmatism” (compromising in a manner that does not sacrifice core values)
- Timing (knowing when to hold and knowing when to fold, etc.)
- Appreciation and respect for politics
As a wise man is wont to say, read the whole thing.
Hat tip to Austin-based Mediator Paul Von Osselaer.
– Rob Daisley