How to Determine Your Client's Goals. The easiest way is to ask, "What is your objective?" It is dangerous to assume you know what the best outcome is for your client. In a transaction, usually both the seller and the buyer (or the lender and the borrower of the landlord and the tenant, etc.) want the deal to close. However, at what cost? Understanding what the client wants (and/or needs) will help you negotiate. For example, if a client must close a transaction to obtain tax-related benefits, the “need to close” drives the deal. Contrast this with a seller who has a valuable piece of property and is only willing to sell on exceptionally favorable terms. Knowing what the client wants (and/or needs) insures that you will negotiate and document the transaction correctly. With regard to litigation, plaintiffs usually want money, property or an injunction. Defendants want to prevent the plaintiff from obtaining that relief.
Monday, March 16, 2009
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