I originally decided to write the book when, after having worked with and spoken to a broad range of professionals, I realised how little good advice was available in relation to fee negotiation and specific to the needs of professionals and professional service firms (“PSFs”).
The second edition closes one of the major gaps of the first edition – the impact of personal style, culture and gender. The 2nd edition also takes the section on assignment value management further. It also contains a summary overview of the findings of my research into negotiation behaviours.
To be of as much help as possible the book is divided into three parts, the broader context, the institutional perspective and the individual perspective.
Here is a short guide to the chapters
- Introduction – a brief overview of the book and its content. Introducing the ‘golden triangle’: set, get, keep
- What is different about buying professional services – an overview of why things are different for professionals
- Why professional services firms are different – an overview of key institutional challenges associated with most PSFs
- The challenge of pricing PSF work – how to approach pricing PSF work
- Generating value with fee structures – a look on how fee structures can be used to generate benefits for all
- How to deal with procurement – some specific issues and approaches relating to procurement
- Raising the institutional game – a look at what PSF firms can do to improve profitability in relation to fee negotiation and management
- Preparing for fee negotiations – specific advice on what needs to be done ahead of a negotiation
- Critical first steps: planning – detailed advice on how to prepare for and plan a negotiation
- How to raise your negotiation success: deliver a credible opening – specific advice on what to do in the early stages of a negotiation, often the most critical phase of a negotiation
- Act 2: Managing the flow of concessions to capture value – step by step advice on how to avoid giving away value through poor concession management
- Act 3: Locking in gains through effective closing – a look at some important closing techniques
- Creativity – the ultimate negotiation skill – probably one of the three most important chapters in the book.
- Negotiating with style – an overview of how individual styles affect negotiations
- The impact of culture and gender – a brief overview of how a negotiator’s background can influence the process and outcomes of negotiations
- Having another go at squeezing the lemon – a look at some advanced negotiation techniques that can either be used to help achieve better outcomes or, at the least should be recognised in case they are used by the other side
- Managing a PSF project profitably – a look at project management but from a fee perspective
- The impact of effective veto and target setting – overview of research results
- Summary – a wrap up and look forward
In addition I have written or am preparing chapters that will deal with the issues specific for major PSF segments. These are available via this website and will be updated on a regular basis.
If you wish to let me have feedback on the book or how you have been able to benefit from it, or if you have any questions you can do so here
If you are interested in a bulk order click here. If you are interested in a customised version of the book please contact me via this website.