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Transactional Drafting: Tools and Forms

Communication and negotiation skills are important to transactional lawyers. They include the communication with clients, communication with team members and communication with counterparties including their attorneys. A lot of time transactional lawyers also need to negotiate to seal the deal. 

Communication:

  • Clients seek attorney service as a professional service, attorney need to represent clients for the purpose of their best interests in ethical way and professional way. Communicate with clients with patient explanations on laws and work with clients to figure out the best solutions for them. 
  • Transactional attorneys might work with other attorneys in big projects. In daily work, they might also need to work with paralegals, assistants and administrative staff. Respect their work, respect diversity and respect different working styles are the key to a successful teamwork. 
  • Counterparties are never the enemies especially in business world. Parties get together to achieve the win-win situation, a future cooperation plan, a partnership, or a great end of one business relationship. In addition, not every communication is a negotiation, when you communicate with counterparties and their attorneys, keep the above in mind and communicate clearly and concisely. 

Negotiation:

  • Negotiation involves two or more parties attempting to reach an agreement. Negotiations generally involve the parties exchanging something they have, for something they want. The exchange need not involve physical items; services or statuses can be exchanged just as easily as objects. 
  • There are many skills on how to negotiate. Different negotiation style focus on different areas: power, cooperation or collaboration. Switch them depending on the situations. If you work toward a long-term business relationship, focus on collaboration and cooperation is the best way.
  • The parties involved in negotiating terms and conditions will often go back and forth and talk freely about their needs and differences, in order to come to the best possible agreement for all involved. If you are preparing to enter negotiations, it is important to consider what it is you want to achieve with the negotiation, and what you have to offer the other party in return. 
  • While in the preparation phase, each party should consider their individual practical business concerns. This largely includes having a clear understanding of what the actual objective of the contract is (this relates to the research, please refer to Research in transactions tab in this libguide). Each party should also consider what they are willing to compromise over, in order to reach that objective. If the parties involved have negotiated contracts with each other in the past, knowledge of those prior contracts could prove useful in terms of negotiation strategy.
  • When all parties are in agreement with each other, they may proceed to having a contract drafted to establish all the terms of the agreement in writing. You may want to refer to Draft of Agreements tab in this libguide.