by Zachary Jones, Gardere
The May session of the 2017 LEAD YP program featured a group activity and a panel discussion on negotiation.
YP LEAD candidate Luis Herrera opened by heading a negotiation exercise. Each class member received two dollar bills and a set of secret negotiation instructions that dictated the member’s negotiation style. Class members then paired up to negotiate with one another over the dollars, with the goal collect as much money as possible. After the first round, class members found a different partner to renegotiate. The group discussed the results and negotiation tactics. Regardless of any one person’s negotiation style, everyone agreed that the second round was easier because of the preparation and experience obtained in the first round. This exercise demonstrated preparation and planning are often the most important part of a successful negotiation.
After a sponsored lunch by Tropical Smoothie Café, the class enjoyed a panel discussion on negotiation.
The panel, comprised of three lawyers and a lobbyist, provided insight from the point of view of a negotiator who had to fully consider and understand a client’s goals and expectations prior to undertaking a negotiation. Understanding these elements, and general preparation, was among the main strategy the panelists identified as the starting point for having a successful negotiation. Additional key strategies included: effective communication, speaking from one point-of-contact, and patience with the other side and the process in general.
With respect to overall negotiation strategy, the panel members generally discarded the concept that a negotiation is always a march to the middle. Negotiation strategy should depend on the facts of the situation, the subject matter, and the parties’ positions. These elements similarly apply when determining whether a negotiation was a success. The panel noted that when considering whether a negotiation is a success, keep in mind that a deal can’t be “too good” or “too bad” for one side, or the deal won’t get done, and thus parties should expect to give up something during the process.
The panel members then described their “deals gone bad,” providing the following takeaways to avoid similar fates:
• Don’t fail to understand the other side’s priorities;
• Don’t lose credibility with the other side;
• Don’t fail to do due diligence or do the extra work; and
• Don’t fail to prepare.
by Zachary Evans, Federal Reserve Bank of Dallas
On Thursday, May 11th, Young Professionals (YP) members gathered exuberantly at the Dallas Regional Chamber offices for the annual Get on Board Kickoff event. The Get on Board initiative gives YP members the chance to make an impact in the community by serving on a nonprofit’s Board of Directors. This initiative is truly a win-win for stakeholders; not only is it a great way for professionals to increase their civic involvement and develop leadership capabilities, it is also an opportunity for local nonprofits to attract more talent to help further their cause.
The YP Service Committee and DRC are excited to announce this year’s participating nonprofit organizations:
• The International Student Foundation
• The National Kidney Foundation
• The Perot Museum
• Prism Health North Texas
• Trinity River Mission
At the kickoff event, representatives from these nonprofits spoke about the vision, mission, goals, and challenges of their respective organizations. The panel was able see the attendees’ energy and passion through an interactive activity in which YP members worked in table groups to brainstorm creative solutions to various challenges facing the nonprofits. Each of these nonprofits has a unique story to tell, and YP members have an opportunity to continue writing that story with a board seat.
There are a nine board seats available this year across all participating organizations, meaning it will be competitive for applicants to earn a spot. Ultimately, the DRC wants to help young professionals succeed and learn through this process, so there is a Board Training session on June 22nd to help applicants understand expectations and basics of board service (the training is encouraged, but not mandatory).
Serving on a board is a commitment to individual and community development, and I encourage YP members to think about what skills and perspective they can bring to the table, what causes they are most passionate about, and what kind of impact they want to make. Whatever the case may be, YP wants to help members make a difference.
For more information on Get on Board, the application process, and our participating nonprofits’ service requirements, please click here. Applications are due by close of business June 5, 2017.
by Dave Moore, Staff Writer
Dallas attorney David Drumm recently shared some of the inner workings of the legal trade with members of the Dallas Regional Chamber’s Young Professionals group.
Drumm, a partner in Dallas’ Carrington, Coleman, Sloman & Blumenthal L.LP. law firm, said that as sworn officers of the court, attorneys must abide by ethics rules while championing the causes of their clients.
“I’m kind of a sentimentalist and old fashioned, but I kind of believe that law, perhaps more than any other of the service professions, is a professional calling,” Drumm told 17 members of YP, who gathered at the firm’s Downtown Dallas office as part of the YP CEO lecture series. “That adds another dimension than just being a service provider. It’s part of the architecture for the rule of law that holds civil society together.”
Drumm joined Carrington Coleman in 1980 after graduating from the Southern Methodist School of Law; he became a partner (part owner) at the firm in 1987, specializing in transactions involving oil/gas/mineral rights real estate and mineral rights, and complex commercial real estate deals.
“I’m kind of a rarity nowadays,” he said. “Outside of part-time jobs and summer jobs, Carrington Coleman is the only job I ever had.”
Drumm described Carrington Coleman as one of Dallas’ few mid-size law firms (with 48 full-time lawyers) that have resisted buyouts from national law firms looking to establish a foothold in North Texas. Drumm said the firm prefers keeping its autonomy.
Drumm said his desire to know the law inside and out, and how it applies to clients, meshed well at Carrington Coleman, which he described as “really geeky” about the law. The “geek” factor, Drumm added, is a crucial element for successfully practicing law.
Other crucial elements he described:
“You don’t want to just tell the client what they want to hear, but you don’t want to smack them across the face, either,” Drumm said. “That’s a counseling skill.”
While attracting clients is important, the key is knowing the nuances of the law, and how they apply to client matters, he said.
“There are plenty of lawyers who are great at attracting clients at a cocktail party, but they might not have that geeky, ‘I really know the law and really get it’ (mindset),” Drumm said. “Although they might be successful, they might not be a good match for Carrington Coleman, because we… expect our lawyers at the high level to understand the nuance of the legal analysis, and (who) hopefully can communicate that to the client.”
Along those lines, Drumm said one of his proudest legal accomplishments involved working with a group of physicians who sought to sell their aging medical office near Baylor University Medical Center in East Dallas, where they sought to sell their building.
Drumm said he was able to enlist fellow lawyers from a cross-section of disciplines to work a real estate deal involving federal tax laws, and negotiating construction, land leasing, and terms of financing.
The end result was the construction of a new medical office building for the physicians group, on Baylor’s medical campus.
“It was… a showcase of collaboration, that we were able to tap a tax lawyer, and different specialties as we needed them,” he said. “The building opened on February 3. I got to watch it from being a gleam in somebody’s eye, to the grand opening.”
Fellow Carrington Coleman attorneys have this to say about Drumm and the DRC’s Leadership Dallas program:
“It is so smart for young professionals to actively seek out mentors,” wrote Monica Latin, also a partner at the firm and Board Member for Leadership Dallas Alumni. “Whether they are looking to find the work environment that is right for them, or to navigate difficult situations, or simply find out from someone ‘how they got there,’ people like David are invaluable. I remember hearing a presentation by [now U.S. District Judge] Barbara Lynn when I was younger and still remember her observations and advice.”
“David truly views the practice of law as a profession,” wrote firm partner Lance Currie, past YP Chair. “He stays true to the principle of lawyer as trusted counselor, rather than focusing on his own bottom line. In doing so, he has developed a wealth of loyal clients who trust him to put their interests above his own. For me, the lesson is to stay true to your character and the nature of the service you provide, and success in business will follow. Said more simply, focus on the client and not yourself. That lesson applies well beyond professional services to all industries. Put the client first.”
Drumm’s discussion was one of series of several held recently as part of the Chamber’s Young Professionals CEO lecture series.
To learn more, visit the YP page.
by Amie Kromis O’Riley, Skanska USA Building Inc.
The 2017 LEAD YP class arrived bright and early at the Baylor Jack and Jane Hamilton Heart and Vascular Hospital to hear time management strategies and tips from Robert Hunt of Renaissance Executive Forums. Hunt began the session with a “10 things you have in common” exercise, where LEAD YP participants split into pairs to explore similarities. While reporting the findings, the group quickly realized how powerful it is to ask questions and discover parallels with those with whom we work.
After uncovering how much the group had in common, Hunt jumped into time management issues and referenced a LinkedIn article, “Busy is the New Stupid.” The group agreed that busyness is often worn as a badge of honor, when it really is an indicator for not knowing how to manage time well. Hunt then graciously recommended books for time management, including Scale by Jeff Hoffman and Getting Things Done by David Allen, and gave away copies to the LEAD YP class.
One of the tools Hunt provided to the group was a holistic analysis on how we spend our time. He recommended splitting everything we do into A, B, C, and D categories. The A category includes items that are top priorities and can include: time with family, work, etc. The D category includes items that suck up immense amounts of time while adding little value to our life, such as: social media, watching TV, etc. Hunt recommended for the group to completely eliminate or drastically reduce time spent in the D category so that more time can be spent on productive items in the A, B, and C categories.
Hunt provided some tips on how to manage our time more effectively:
Clean your desk – clean your life
• Clear your desk before you leave for the week so that you can walk into a clear and organized space on Monday. This will save you time by not rummaging through items on your desk and will lead to a clear mind to start your week.
Your calendar should schedule your tasks
• Utilize a calendar, whether it is on your phone or on paper, and prioritize what is most important in your life (think of your A time).
Don’t let emails control your workflow
• Only check your email 3-4 times a day and don’t leave your inbox open on your desktop. This will prevent your inbox from dictating your daily schedule. Also, turn off your phone email alerts so you won’t immediately pick up your phone every time you hear that infamous “ding” noise. Finally, if you really want to know how much time you spend on your phone, download the Moments app. The app keeps track of how many times you pick up your cell phone in a day and can set daily personal limits.
All of Hunt’s tools provided the 2017 LEAD YP class with clarity of mind to do things we need and want to do, prioritize what is most important, and keep us focused and accountable. We hope they will do the same for you.
by Virginia A. Mudge, Dallas Opera
On March 28, the YP Women’s Network facilitated an exclusive roundtable discussion between YP members and successful female executives in Dallas. The event featured four distinctive leaders: Jamie Lavin, Executive Director of JPMorgan Private Bank; Sara Madsen Miller, COO and Co-Founder of 1820 Productions; Holly Reed, Managing Partner of Texas Central; and Dev Rastogi, Managing Director of Lockwood, Andrews & Newnam. This intimate discussion offered an invaluable opportunity for attendees to gain insight into the challenges and choices they may face as future leaders as well as a chance to network with other bright young minds.
Hosted by The Dallas Opera, the evening began with a wine and hors d’oeuvres mixer in the beautiful Winspear Opera House. Attendees then broke into small groups and had 15 minutes with each of the speakers to hear more about their journey to leadership and to have some quality Q&A time; the Women’s Network Committee referred to it as “speed dating” for women’s empowerment. The great benefit of the format was that each small group had different questions and interests, allowing each session to gain something different from each of the speakers. Instead of a one-way presentation, attendees were able to participate in very organic and intuitive conversations.
The overarching theme was each speaker’s experiences as a woman in male-dominated fields, but topics ranged from the importance of continuous growth and development, to the significance of cultivating a personal brand, to the necessity of women leaders advocating for and lifting up other women leaders. Each speaker noted the life-long impact of creating and engaging in a network of like-minded leaders, and the advice offered by the speakers was immediately applicable and practicable in attendees’ current careers.
The objective of the event was to inspire and empower future female leaders, and based on the feedback from attendees, it was a great success.
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