Return to A Worse Deal than You Think?
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JOHN ADAM /
I rarely learn the true 'bottom line' either side would be willing to offer or take. In one case involving a head-on collison between a truck and a car, the mother suffered brain damage with an IQ loss from 85 to 65, a husband with a green stick injury and their 3 children also hurt, I found out what they were thinking. After the case settled, I was told the lead PA came in willing to settle for $4.7M however his junior partner convinced him to hold out for $5.1M. On the other side the Attorney Claims Adjuster for the Trucking Company was willing to go as high as $6.0M. So the ZOPA was $1.3M with the P's losing $900,000.00 and the D's over paying by $400,000.00. As a side note there were two other married couples in 2 other cars also involved in the accident. They were represented by a different lawyer. He originally had the first matter but withdrew and chose to handle the other claims which settled for approximately $500,000.00. We Mediated the second group about a year after the first. We learned from the second attorney that about 3 weeks after the money was paid in the first case, the husband took his 19 year old girlfriend and his 3 kids and returned to Mexico leaving his wife alone. Also, the PA had taken a 50% fee on that case. During the second Mediation we got to a point where the P's were at $450,000.00 and the D's were at $400,000.00. While I was in caucus with the D's the PA knocked on the door. He said we all knew where we were heading but because these P's are also Mexican it was necessary to stop at that point. The wife's injuries were the substantial part of the claim and if she settled the case that day at the table she would disrespect her husband. This would result in her being severely beaten by her husband that night. This PA suggested that the D's give him 2 weeks to bring his clients into his office and slowly work things out. We all agreed and as a result that case settled. The other couple which were Irish got theirs settled at the table without incident.
Anna /
- What are the ways for Jill to learn that she could have done better? - If she is satisfied with a deal, why the judgement is that she should have done better. It seems that the initial problem is in the fact that she significantly undervalues her car and sets a quite low reservation value - is there a way to deal with the concern of low reservation value? And she got lucky with the buyer, because he is supposed to be willing to pay $350 than her reservation value. What is the way for her to figure out that he is willing to pay more than she expects? thank you for your comments.
Moussa Obeid /
It applies both ways, on the upside and downside. when you believe that you will make a certain impact on the other party on the negotiation table, it turns out to be less than your expectations. On the other hand, if you are a bit pessimistic on the outcome of the negotiation and you believe that you will only have a poor impact on the other party, most of the times it turns out to be better than your expectations. For some reason real life fluctuations are much smoother and flatter than our personal perceptions.