Be Willing to Walk Away in a Negotiation

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

Be willing to walk away. That sometimes is the most powerful tool in any negotiation. The ability and willingness to walk away.

Recently my law firm, settled a case where we had been at a mandatory settlement conference in front of a judge. He pounded on us and pounded on us to settle for an amount which was way above our bottom line.

What did we do? We walked away. Of course, we also had done preparation in advance including research into the opposing side. We knew the other lawyer was not known for taking cases to trial and figured that as trial approached, that demand (which was way above our bottom line) would come down and down and down.

Sure enough, a couple weeks before trial, there number came down below our bottom line and the case settled.

How did we get there? We walked away. It was really that simple: the willingness to walk away.

For more information about our law firm, please contact our Business Attorney in Woodland Hills.

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Knowing Your Bottom Line in a Negotiation

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

You need to know your bottom line.  Nowadays everybody has their heads full of all kinds of acronyms, so I am going to throw one out there:

BATNA = Best Alternative To a Negotiated Agreement

To me it is a fancy way of saying “bottom line”. That is really what it is talking about. The concept of the best agreement; what alternatives do I have?  If I am a supplier and negotiating with a distributor, do I have other people in my distribution line? Do I have to take this deal, or do I have other places to go if I don’t take this deal?

In the context of litigation (which I deal a lot with), what are my alternatives? Typically in a lawsuit if I don’t settle, I go to trial. Try to evaluate what are your options in terms of going to trial. What is your likelihood of success?

For more information about our law firm, please contact our Real Estate Attorney in Los Angeles.

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Art of Negotiation: Starting and Pressure Points

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

Before you go into a negotiation you need to be prepared:

  • What are your needs?
  • What are your wants?
  • What are the other sides weaknesses or pressure points?

I focus a lot on #3.  Here is a great example: My law firm, Anker, Hymes & Schreiber, LLP did some investigation on a matter that has settled within the last few months. We found out that the company we were suing had a deal that they were going to be selling. A very important deal; a very big deal.  Our claim: a thorn in their side.

But we settled this case for more than our value; more than our bottom line because we knew the pressure point of the opposing side. The pressure point was the company had to get this deal out of the way because we were impediment and they stood to make a lot more money from the sale then dealing with us and paying us a little more money.

So there is a situation where the preparation and investigation beforehand got us some information which gave us the exposure or pressure point on the other side that we were able to apply to our advantage.

For more information about our law firm, please contact our business attorney in Los Angeles.

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Attorney Larry Hymes Recognized as a Martindale-Hubbell Top Rated Lawyer

AV Preeminent AwardMartindale-Hubbell®  has designated our Estate Planning Attorney in Woodland Hills, Larry Hymes with an AV Preeminent® rating which serves as an objective indicator that a lawyer has demonstrated ethical standards and professional ability and is used by buyers of legal services to justify their hiring decisions. Attorney Larry Hymes of Anker, Hymes & Schreiber, LLP is one of a select group of Southern California lawyers to receive this well-earned distinction.

About Martindale-Hubbell® Peer Review Ratings™:
Martindale-Hubbell® Peer Review Ratings™ reflect a combination of achieving a Very High General Ethical Standards rating and a Legal Ability numerical rating. A threshold number of responses is required to achieve a rating.

The General Ethical Standards rating denotes adherence to professional standards of conduct and ethics, reliability, diligence and other criteria relevant to the discharge of professional responsibilities. Those lawyers who meet the “Very High” criteria of General Ethical Standards can proceed to the next step in the ratings process – Legal Ability.

Legal Ability ratings are based on performance in five key areas, rated on a scale of 1 to 5 (with 1 being the lowest and 5 being the highest). These areas are:

  • Legal Knowledge - Lawyer’s familiarity with the laws governing his/her specific area of practice(s)
  • Analytical Capabilities - Lawyer’s creativity in analyzing legal issues and applying technical knowledge
  • Judgment - Lawyer’s demonstration of the salient factors that drive the outcome of a given case or issue.
  • Communication Ability - Lawyer’s capability to communicate persuasively and credibly
  • Legal Experience - Lawyer’s degree of experience in his/her specific area of practice(s)

The numeric ratings range may coincide with the appropriate Certification Mark:

  • AV Preeminent® (4.5-5.0) - AV Preeminent® is a significant rating accomplishment – a testament to the fact that a lawyer’s peers rank him or her at the highest level of professional excellence.
  • BV Distinguished® (3.0-4.4) - BV Distinguished® is an excellent rating for a lawyer with some experience. A widely respected mark of achievement, it differentiates a lawyer from his or her competition.
  • Rated (1.0-2.9) - The Peer Review Rated designation demonstrates that the lawyer has met the very high criteria of General Ethical Standing.

For more information about our Woodland Hills Estate Planning Attorney, please contact us at (818) 501-5800.

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Is Your Agreement Worth the Paper it is Written On?

California Supreme Court logoThe California Supreme Court recently answered that question with a resounding “No”.  In one of its early decisions in 2013, Riverisland Cold Storage vs. Fresno-Madera Production Credit Association, the Court rejected what had previously been a long standing exception (since 1935) to what is known as the “parol evidence rule”.  In brief, the parol evidence rule restricts one’s ability to present evidence, in certain situations, that would contradict, alter or add to the terms of a written agreement.

The situation involved a couple who feel behind on their loan payments.  They entered into an agreement which involved the lender agreeing not to take any enforcement action provided they continued to make the newly agreed upon payments.  A representative of the lender told the couple, among other things,  they would have a two year extension on the loan.  When the couple was presented with the mountain of paperwork for them to sign which documented the agreement (which they, not uncommonly, did not read), the actual additional term was three months.

Ultimately the couple sued the lender, claiming that they had been defrauded in that they were told something contrary to what was in the agreement they signed.  The Supreme Court, in a break from precedent that had been in effect for more than 75 years, held the couple could proceed with their claim.  The court did note though that the burden of proving the necessary elements of their claim was significant.

If you have a question regarding this decision or a specific agreement, you can contact our Contract Attorney in Woodland Hills at Anker, Hymes & Schreiber, LLP.

Announcing the Change of Firm Name from Anker Reed HSC to Anker, Hymes & Schreiber, LLP

Anker, Hymes & Schreiber, LLP logoLarry S. Hymes and Douglas K. Schreiber are pleased to announce that Anker Reed HSC has become Anker, Hymes & Schreiber, LLP and will continue the Anker Reed HSC tradition of serving your legal needs in the areas of:

The law firm’s headquarters will remain at its current location:

21333 Oxnard Street, First Floor
Woodland Hills, CA 91367
Phone: (818) 501-5800
Fax: (818) 501-4019

IRA Beneficiary Designation: How to Turn a Modest Inheritance Into Millions for Your Family

How would you like to turn your modest tax-deferred account into millions for your family? Depending on whom you name as beneficiary, you can keep this money growing tax-deferred for not only your and your spouse’s lifetimes, but also for your children’s or grandchildren’s lifetimes. That can turn even a modest inheritance into millions.

1) Don’t I have to use this money for my retirement?

When you reach a certain age, usually 70 1/2, Uncle Sam says you must start taking your money out. (This is called your required beginning date.) But if you don’t use all this money before you die, naming the right beneficiary can keep it growing tax-deferred for decades.

2) How much will I have to take out?

Calculating the amount you must withdraw each year (your required minimum distribution) is much easier now than it used to be. Each year, you divide the year-end value of your account by a life expectancy divisor from the Uniform Lifetime Table (provided by the IRS). The result is the minimum you must withdraw for that year. You can always take out more.

For example, the divisor at age 70 is 27.4. If your year-end account balance is $100,000, you divide $100,000 by 27.4, making your first required minimum distribution $3,650. Each year the divisor is smaller, but it never goes to zero. Even at age 115 and older, the divisor is 1.9. “To recalculate or not to recalculate” is no longer an issue. Everyone now gets the benefit of recalculating their life expectancy.

3) Doesn’t my beneficiary affect my distribution?

Not any longer. Now, almost everyone uses the same chart to calculate distributions, even if you have no beneficiary. After you die, distributions are based on your beneficiary’s life expectancy (or the rest of your life expectancy if you die without one.) Naming the right beneficiary is still critical to getting the most tax-deferred growth. That’s much easier to do now, because you are no longer locked into the beneficiary you name when you take your first distribution.

Additional questions regarding IRA beneficiary designation will be posted in the coming weeks.  In the meantime, if you have any questions please contact our Estate Planning Attorney in Woodland Hills, CA today.

7 Benefits of a Life Insurance Trust

  1. Provides immediate cash to pay estate taxes and other expenses after death.
  2. Reduces estate taxes by removing insurance from your estate.
  3. Inexpensive way to pay estate taxes.
  4. Proceeds avoid probate and are free from income and estate taxes.
  5. Gives you maximum control over insurance policy and how proceeds are used.
  6. Can provide income to spouse without insurance proceeds being included in spouse’s estate.
  7. Prevents court from controlling insurance proceeds if beneficiary is incapacitated.

For more information about Life Insurance Trusts, you can contact our Estate Planning Attorney in Woodland Hills, Los Angeles today.

Estate Planning Attorney KC Marie Knox of Anker Reed HSC to be Adjunct Law Professor

Attorney KC Marie Knox

Los Angeles Attorney KC Marie Knox

Los Angeles Estate Planning Attorney KC Marie Knox of Anker, Reed, Hymes, Schreiber and Cohen, A Law Corporation (Anker Reed HSC) has accepted an offer to be Adjunct Law Professor at Abraham Lincoln University School of Law.

Esteemed attorney KC Marie Knox will be teaching Wills, Trusts and Estates starting this winter quarter.

About Abraham Lincoln University School of Law:

Abraham Lincoln University (ALU) provides law education via online legal programs for those desiring to take the complete program online, but ALU does not stop there in giving students what they need. ALU offers an interactive education for students so that they know where to go to get their questions answered and to discuss classroom topics.

In-classroom interaction occurs on weekday nights and weekend morning classes. Students and faculty communicate through Live Chat Rooms, even during lecture time, allowing a free-flowing discourse. Lectures are recorded and are made available online for students who missed lectures.

Students also can set up their own Live Chat Rooms serving as small study groups. While traditional law schools and law programs in California have not fully embraced the potential for online student study groups, Abraham Lincoln University School of Law has been a pioneer in creating new ways for students to engage and study through our innovative online legal programs. Abraham Lincoln University School of Law will always strive to be at the cutting edge.

Follow the link to learn more about KC Marie Knox, Estate Planning Attorney in Woodland Hills, Los Angeles, Ca.

San Fernando Valley’s Most Trusted Advisors Nomination

Los Angeles Attorney Rob Cohen

Attorney Rob Cohen, nominated as Most Trusted Advisor by San Fernando Valley Business Journal

Los Angeles Attorney Robert A. Cohen of Anker, Reed, Hymes, Schreiber and Cohen (Anker Reed HSC) has been nominated by the San Fernando Valley Business Journal as one of the Valley’s Most Trusted Advisors in the practice of law.

This event held by the San Fernando Valley Business Journal on October 12, 2011 recognizes 10 CPAs, 10 attorneys, 10 business bankers and 10 insurance professionals in the Los Angeles area for being the most trusted advisors to their clients.

Four specialty awards will be presented in the following categories:

Client services award
Trailblazer award
Community leadership award
Best managing partner (or equivalent top executive for financial services, banks, credit unions or insurance firm)

Attorney Rob Cohen specializes in many areas of the law including:

Probate and Trust Litigation
Business Formation
Corporate Formation
Business Transactions
Civil Litigation

About Anker, Reed, Hymes, Schreiber and Cohen, A Law Corporation:

Since 1974, Anker, Reed, Hymes, Schreiber, and Cohen, A Law Corporation is a full service business, real estate, employment, civil litigation, intellectual property and estate planning law firm based in Woodland Hills, Los Angeles, CA.

Contact Anker Reed HSC today to speak with a:

Estate Planning Attorney in Los Angeles
Business Attorney in Los Angeles
Real Estate Lawyer in Los Angeles
Intellectual Property Attorney in Los Angeles
Civil Litigation Law Firm in Los Angeles

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