“Negotiate like the Big Boys” – October 26, 2010
Last night 85 Broads member, Jane Newton of RegentAtlantic Capital held a second event as part of her firm’s “Wall Street Women Forum,” a group of highly accomplished senior Wall Street Women. The workshop, entitled “Negotiate like the Big Boys,” was led by Anne Miller, an executive coach, author and expert on managing one’s own career. Duane Morris LLP, the global law firm, hosted the event in their mid-town office.
What did I get out of it? Best of course is the community of women that builds almost instantly when a powerful group of Wall Street women gather. In groups of 3 and 6, we role-played negotiating a purchase at a garage sale. From the exercise, Anne highlighted the key themes that make or break any type of negotiation. After Anne inoculated us with new insights to better prepare for our next negotiation, the program was over and virtually no one got up to leave. We were absolutely content to remain in the conversations that consumed us for close to an hour!
Anne Miller knows our space pretty well. I left last night’s session with two new insights. First and why did I have to hear it again: Prepare, prepare, prepare. If I am negotiating for a new position, I need to draw on all of the resources I have. For example, learn everything there is to know about the organization, the people, and the interests and motivations of those with whom I’m negotiating. Identify everyone I know who can help me to find out what I don’t know. Anne posted an illustration of an iceberg and pointed to the part under the water that we can’t see. That’s the part where we have to be incredibly resourceful and knowledgeable before going into a negotiation.
The other piece I learned is so simple. Learn to take a pause when you need to re-group. Anne gave a great example of an invitation to speak at a financial conference in Hawaii. Who wouldn’t be excited to accept such an invitation? What if you accept, only to learn that the conference is expected to have only 50 people? Here’s the time to use a pause, regroup, and think of the questions to ask before resuming that conversation – and the negotiation.
Other kernels of wisdom from Anne:
· Assume nothing and verify everything.
· Ask for everything when you have the maximum leverage.
· The more chips you have on your table, the more you have to negotiate.
Anne updated us about research on women and negotiating. Women who negotiated more in getting the position, title and resources they wanted were more content in their new position than women who did not negotiate. The latter group took the view: “I’ll negotiate what I want after I get the job.”
Anne also told us to give clear messages in our negotiating. For example:
“Well, that might work” vs. “that doesn’t work.”
She also told us to avoid “qualifiers”:
“Hopefully, I can do that” vs. “I can do that.”
85 Broads member, Jane Newton, is a wealth manager and partner at RegentAtlantic Capital in Morristown. Jane announced at the end of the evening that she will host the next Wall Street Women Forum in late April or May – similar to the May 12th event that launched this community. ([wallstreetwomenforum.com])
Connector. Advisor. Project Solver.
Kelly Hoey is newly appointed VP, Community Engagement for Shift Worldwide. Shift Worldwide is a full-service virtual events production company that provides a customizable virtual communications platform and combines it with a suite of production services to help clients produce bulletproof, drama-free online discussions and recordings known as vPanels™ (virtual panel discussions) and vClips. Shift enables its clients to bring thought leaders together for one-of-a-kind discussions that allow attendees to see, learn and interact with experts from all over the world from the comfort of their own computer. A natural connector, she brings to Shift (and its clients) strategic insights and critical understanding on how to engage professional networks.
Kelly is also past-President of 85 Broads, LLC, working with Founder and CEO, Janet Hanson, where she focused on strategic partnerships and “conventional” as well as innovative ways to connect and promote the achievements of members of this global network.
Prior to joining 85 Broads in October 2009, Kelly was Manager of Alumni Programmes at White & Case LLP. In this global role, Kelly was responsible for designing and implementing the firm’s alumni relations outreach and engagement strategy (including the firm’s strategy for use of online networking tools such as Facebook, Linkedin, LegalOnRamp). From 2004 to 2008, Kelly was the Manager of Professional, Americas at White & Case, overseeing and initiating a number of talent development initiatives for the firm, ranging from Women’s Initiative programming and retreats, new/lateral associate integration, upward review and annual performance review process, business and client skills development training, trial advocacy curriculum and the introduction of coaching and coaching-based programming.
Before entering law firm management, Kelly was a corporate attorney focusing on structured finance, banking and insolvency law. She is an alum of Sidley, Osler Hoskin and Miller Thomson. Kelly is a graduate of The University of British Columbia Law School, articled in Ontario, Canada and is admitted to the New York State Bar as well as to The Law Society of Upper Canada and Law Society of British Columbia.
Kelly is vice-chair of the Board of inMotion (inmotiononline.org) a New York City based not-for-profit which provides legal assistance to women and children in domestic crisis. She is also a member of the Honorary Advisory Board for Pace Law School’s New Direction Program and on the Advisory Board for WILEF (Women in Law Empowerment Forum).
Connect with Kelly via Twitter (@jkhoey) or Linkedin ([linkedin.com]).