Top negotiating skills for professionals in legal, banking and investment roles

What negotiating skills do you need in professional services?  Which are the essential negotiating skills needed in business?  How can you improve your negotiation skills?

Meet the Author: Benjamin Ball

Ben is the founder of Benjamin Ball Associates and leads the presentation coaching and pitch deck creation teams. Formerly a corporate financier in the City of London, for 20+ years he’s helped businesses win with better pitches and presentations, particularly investor pitches. He is a regular speaker and a guest lecturer at Columbia Business School and UCL London.  Follow Ben on LinkedIn or visit the contact page. 

What do good negotiating skills in business mean?

In professional services, negotiation is a daily occurrence. You negotiate with external customers, internal stakeholders, hiring managers, account executives and team members. You negotiate fees, risk, timelines, scope, credit terms, job offers and sometimes your own salary increase.

Strong negotiation skills are not about being a competitive negotiator who wins at all costs. They are an essential skill for building long-term relationships, reaching favourable terms and achieving positive outcomes in complex negotiations.

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Below are the essential negotiation skills that separate an expert negotiator from the rest.

1. Plan Your Approach: Build Your Leverage

Every successful negotiation is won through hard work before the participants reach the table. In professional services, thorough preparation goes beyond knowing your numbers; it requires strategic planning to identify the “why” behind the “what.”

Key areas to define:

• The BATNA: Establish your Best Alternative to a Negotiated Agreement. Knowing when you can walk away is your primary source of power.
• The Bottom Line: Define your “reservation point” clearly to avoid making emotional concessions.
• Stakeholder Mapping: Understand the external pressures and approval hierarchies facing the other party.

Example: Before negotiating a mandate with a private equity client, use information gathered during research to identify what “success” looks like for the individual deal lead. Aligning your proposal with their internal incentives leads to the best outcomes for both sides.

2. Use Emotional Intelligence as a Tool

Emotional intelligence is often the most underused of all effective negotiation skills. It is not just about empathy; it is a data-gathering mission. A skilled negotiator listens for the subtext—what is not being said—to gain a competitive advantage.

• Information Gaps: Which topics are they avoiding or glossing over?
• Linguistic Shifts: Listen for changes in tone or the transition from “we” to “I,” which often signals internal misalignment on their side.
• Uncovering Interests: Use open-ended questions to allow for creative problem-solving rather than blunt concessions.

3. Master the Art of Negotiation Early

The art of negotiation involves identifying shared objectives early to reduce friction. Finding common ground builds the “social capital” needed to navigate tougher points later in the negotiation process.

• Humanise the Process: Brief, meaningful rapport-building supports conflict resolution before the discussion even begins.
• Reframe the Problem: Move from “you vs. me” to “us vs. the challenge,” turning a potential clash into a joint exercise in creative problem-solving.

4. Use Precision and Leadership Skills

In professional services, your words are your product. Vague language invites challenge and signals a lack of confidence. A great negotiator uses “declarative precision” to signal authority and leadership skills.

• Avoid Hedging: Replace “We would prefer to…” with “Our position is…”
• Logical Persuasion: Ground your demands in objective benchmarks and market precedents. Precision signals that you are an expert negotiator who understands the technical nuances of the deal.

5. Manage Pacing and Process

Heavily pressured environments often use “false urgency” as one of many common negotiation tactics. Mastering the cadence of the negotiation process is a high-level skill that leads to better outcomes.

• The “Pause”: If a new variable is introduced, do not react immediately. Slow the tempo to assess the impact.
• Parking Issues: If a secondary point stalls the momentum, park it and move to easier “wins” to build a “Yes” habit.

6. Aim for a Win-Win Outcome

In complex transactions, price is rarely the only lever. Integrative negotiation looks for ways to “expand the pie” before slicing it, aiming for a win-win outcome.

• Trade-offs: Offer a concession on a low-priority item (e.g., timing) to secure a high-priority item (e.g. liability caps).
• Value-Add: Can you offer better reporting or future preferential terms instead of moving on the immediate fee?

7. Isolate Where You Disagree

Great negotiators are good at identifying where you are agreed and where where there is more work to be done. Some tips for negotiating a great outcome include clearly identifying where parties are aligned, parking those issues and limiting discussions to where parties are yet to align.

8. Keep Asking Questions

The best negotiators are curious. Use open questions to learn more, and closed questions to get affirmation. These are powerful negotiating tools.

Conclusion: Refine Your Negotiating Techniques

The most effective professionals treat every interaction as a case study. To prepare for your next negotiation, it is helpful to review case studies of past deals and reflect on:

• Which negotiation tips or tactics yielded the most information?
• Where did my emotional intelligence help de-escalate a conflict?
• How did my opening anchor influence the final outcome?

Mastering these advanced techniques does not just result in better contracts—it builds a reputation for being a formidable, fair, and sophisticated professional.

How to Improve Your Negotiating Skills

Powerful negotiating skills are a learned.

By applying these negotiation tips, you’ll be far better placed to grab interest, defend your position and stand out in even the toughest competitive landscape.

If you’d like expert help creating a strong negotiating culture, we’d love to help.

Call +44 20 7018 0922 and ask for Louise Angus to discuss how we can polish your negotiating skills.

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Negotiation skills: frequently asked questions

Why are negotiation skills so important in professional services?

Negotiation is a daily occurrence in business. You negotiate fees, mandates, risk, timelines and expectations with external customers and internal stakeholders. Strong negotiation skills help you secure favourable terms while protecting long-term relationships and your professional credibility.

What makes someone a skilled negotiator in professional services?

A skilled negotiator combines thorough preparation, emotional intelligence and effective communication skills. They understand the negotiation process, listen actively, manage pressure and know when to hold their line. The most effective negotiators aim for positive results, not short-term wins.

How should I prepare for complex negotiations?

Thorough preparation goes beyond numbers. You should define a clear goal and bottom line, understand the party’s needs and interests and identify your best alternative if no negotiated agreement is reached. Effective preparation also means understanding company culture, decision-making constraints and external pressures.

What role does active listening play in a successful negotiation?

Active listening helps you uncover useful information that is rarely stated directly. By paying attention to tone, body language and non-verbal communication, you gain insight into emotional state, priorities and risk concerns. This allows you to adjust your negotiation strategy and reach better outcomes.

How do I find common ground without giving too much away?

Finding common ground is about identifying shared objectives, not making concessions. Acknowledging common goals such as risk management, timing or certainty helps create an open mind at the negotiation table and supports smoother negotiations without weakening your position.

How can I negotiate firmly without damaging relationships?

You should separate people from issues. Challenge proposals calmly, explain your reasoning and keep your tone neutral. This approach supports conflict resolution while maintaining strong relationships, which is essential in sectors built on trust and repeat work.

What is a win-win outcome in professional negotiations?

A win-win outcome comes from integrative negotiation. Rather than trading concessions on a single issue, you look for creative problem-solving across scope, structure, timing or risk. This leads to successful deals that meet both parties’ interests and support long-term relationships.

When should I walk away from a negotiation?

You should walk away when further concessions undermine your bottom line, set unhelpful precedent or conflict with professional judgement. Having a strong best alternative allows you to hold firm and often leads to better terms later.

How can I improve my negotiation skills over time?

The most successful negotiators build skill through practical experience and reflection. After each negotiation, review what worked, how the first offer shaped the discussion and where pressure influenced decisions. Learning from real-world scenarios steadily strengthens your negotiation skills.

Do these negotiation skills apply beyond client negotiations?

Yes. These essential negotiation skills apply to job offers, salary increases, internal resource discussions and leadership conversations with team members or hiring managers. They are equally valuable in personal life and career development, not just at the negotiation table.

If you want help to improve presentation skills in your firm, get in touch.

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