@Jessica Booker I have an interview coming up and I was wondering how I should approach answering questions about the firm's place in the market. Should I talk about its ranking and practice areas it is strong in, or should I focus more on how it differs to its competitors (although I have prepared for this as a separate question).
I was also wondering if anyone has completed a group negotiation exercise and if so how you found it/ if you have any tips? Thanks !
you’ll need to listen to the specifics of the question. I wouldn’t suspect a vague question like “what’s our position in the market”, I would expect it to be more tailored to either cover one of the two things you have mentioned, or potentially other more specific things too.
My tips for a negotiation exercise:
- remember that both sides have got to walk away from the negotiation thinking it works for them.
- you are going to have to concede somethings, otherwise there wouldn’t be a negotiation
- Make sure you record what is being agreed while you go through the exercise. Lost count how many groups get to the end and when they go through what has been agreed, each side thinks something different.
- think about how credible you will be if you come in with ridiculous demands/suggestions. Starting a price negotiation with a claim that something is 100% (or even 50% more) than what it is, isn’t going to be realistic.
- try to make sure you agree how you will work with your team. Negotiation exercises can often be “led” by someone from each team. This is a fine tactic to take, but you have to ensure you are vocal in such an exercise, therefore would it make sense for different team members to lead on the negotiation of certain points (eg someone focuses on real estate, someone focuses on employment, someone focuses on IP).
Try to think about creative solutions - especially if you aren’t able to agree on something by moving on it in a linear way.
Feel free to take a brief “recess” and regroup with your team, or at least ask before the exercise starts as to whether you can do this (just don’t take too long if you do this).