đș Event Replay: Practical Commercial Contracting for In-House Teams
Ever wondered how you could improve your negotiation strategies? Or what to do in a tense situation when the other side is unwilling to budge? âWhether you are an experienced contracts counsel, or looking to get your foot in the door- weâve got you.
Our expert panel guided us through their contracting best practices and shared their experiences.
Meet the Presenters:
Moderator:
Kathy Zhu, Senior Director, AGC, Doordash
Panelists:
Hylan Fenster, Director, AGC, Adobe
Hayley Gonzales, Managing Counsel, Affirm
Ariana Goodell, Legal Director of Commercial, Branch
Key Takeaways:
Employ collaborative and open negotiating approaches
Work with the sales team early on and equip them with tools that will aid overall efficiency
Learn the risks of your company, but also what the other party is trying to get out of it
Everything is negotiable
How do you get your foot in the door if youâre interested in switching to commercial transactions, but are not sure the best way to go about it?
7:22-13:28
Ariana, âPrivacy is essentially a cornerstone skill set for any commercial counsel these daysâ
I had to proactively seek out opportunities to build up a skill set that would be transferable In-house.
Hylan, âBe open, and follow your interests... or move away from something that doesnât interest youâ
Work on the skills needed to get the job. Keep up networking- it can open up opportunities to branch out in your career.
Kathy, âBe the architect of your careerâ
If you know something doesnât feel right- you donât have to be stuck there forever.
How do you typically engage with your counter-party when negotiating contracts?
15:04-20:34
Hayley, âI always recommend starting off on a partnership-oriented, collaborative approachâ
Think about standard social approaches, you donât want your counter-party to feel weary from the start. Try to always get something for everything that you give.
Ariana, âMy team employs interest-based negotiationâ
Understand the power dynamics, and try to find the why behind the ask. Build up rapport with negotiating partners, as theyâll be more likely to compromise so you can come up with creative solutions.
Are there any personal habits or practices to follow to make negotiations more effective?
20:34-26:30
Kathy, âThe best commercial lawyers know what issues matter and which are immaterialâ
Understand the risks particular to the business. Spend the time to embed and talk to business teams, and counterparts.
Ariana, âAnticipate what the other party is going to argue backâ
Think of several responses and plan the response to those, and keep going as long as you can. Deeply understand the risks associated with your company, but also understand whatâs important for the other party.
Hylan, âSwitching when the other side switches firstâ
Going in openly is the most effective strategy, but sometimes you need to hammer the issue thatâs the most important.
When has the âGive-Getâ tactic worked the most for you?
26:30-31:32
Hayley, âThink about what is a must- have for the negotiation, moderate risk, and nice-to- haveâ
Be ready to trade the ânice- to- havesâ in exchange for âmust- havesâ- it can move the needle in the critical part of the negotiation.
Kathy, âEven in instances where you feel you have no leverage- they still need your product or servicesâ
Understand what is in it for your counter-party, and what they are looking to get out of it. Build up a great rapport with your sales team so they can get legal and business terms through the door before you step in.
How do you work effectively with sales teams?
31:32-37:16
Hayley, âWhen I started to bring the sales team along with me, they became the strongest ally for legalâ
Educate your sales team, and form that partnership so they can identify pertinent issues in other deals.
Ariana, âItâs not just the doing of the legal teamâ
Having a deal-desk function has helped form a relationship between sales and legal. They can be immediately helpful in situations that things arenât in legal purview, and prioritize all of our deal work.
Kathy, âItâs important to create additional leverage in your teamâ
Focus on the work that no one else can do- and outsource the other stuff. Weâve leveraged Lawtrades for overflow work so that my team can focus on the highest value sales deals.
What efficiency aids and technology platforms do you leverage to create more bandwidth?
37:16-44:20
Hylan, âWeâve empowered our sales-legal team to become product specialistsâ
Itâs very hard to know a lot about all the products we have. We leverage those product resources and job aids to build and match up expertise.
Hayley, âCollaboration and knowledge sharing is so importantâ
Weâve created annotations for the business. Itâs a quick reference that anyone from the company can access. We share knowledge at team meetings, and keep on-going communication.
Ariana, âItâs helpful to have that collateral immediately availableâ
We utilize Guru, a knowledge base software where you can create and memorialize institutional knowledge. It makes it so much more accessible to new team members coming in.
What mistakes have you made?
44:20-49:13
Ariana, âEmbrace failure as an opportunity to be better in the futureâ
Make sure someone on the ground within the company is driving the deals. Consider employing a legal primary that owns the deals from beginning to finish and who can make strategic calls for the business when necessary.
Hylan, âDonât fake it if you donât have an answerâ
Faking is both confusing and a bad path to take.
Hayley, âSometimes commercial is the last to knowâ
Try to get more entrenched in other parts of the business so you can be a strategic partner early on and be one of the first stops, rather than the last.
What are some strategies to get customers to use your paper?
49:13- 52:15
Ariana, âEquip your sales team with talking points about why going with your paper is faster...but go beyond thatâ
Assess what your average deal size is. You shouldnât be putting in above average work amount for any deal that is below average in terms of revenue .
What do you look for when you are interviewing candidates for a role on your team?
52:15-55:35
Hylan, âI want to see who is going to be a fit for the team.. and whoâs coachableâ
Of course, you want to ask about privacy expertise and negotiation style- but make sure they are a good overall fit that can grow with the team.
Hayley, âSomeone who is capable of having a million fires thrown at them during negotiation is someone I would love to hireâ
You need to find someone who is not going to take negotiations personally, someone who is proactive, and someone who can see the bigger picture.
At Lawtrades, we have a diverse talent network from around the world. Check us out the next time youâre looking to hire flexible legal professionals.
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