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.
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