How to Renegotiate Your Contract Better than Conan

If follow news headlines, you know that there was a lot of drama surrounding Conan O'Brien and his refusal to be on "The Tonight Show" if it was pushed back an hour. The entertainment world and comedy fans wondered for months what would transpire with Conan's contract and Jay Leno's future in late-night comedy. But even without the high stakes of million-dollar contracts, the more career-minded among us may wonder how they can effectively renegotiate their own contracts, better than Conan did.

Instructions

1. 

   Assess what you don't like about your current contract. The best way to see if you need to renegotiate is to comb through your current agreement and see if there is any room for improvement. For example, are you unsatisfied with your benefits? Not happy with the salary limitations? These are the things to determine first before you decide how to proceed.

2. 

   Get a lawyer. Many employment experts suggest showing any agreement, including a non-compete agreement or a non-disclosure agreement, to your lawyer. The lawyer may be able to identify areas that can be altered or she might add other stipulations. She'll give you the legalese necessary to enter renegotiations with all the knowledge you need. Another advantage to retaining a lawyer for this matter is that he can do the negotiating for you. This helps if you're not well-spoken or if you do not want to cause any drama directly with members of your company.

3. 

   Ask within reason. We all want to earn more money, but is the salary you desire the norm for your position, industry standards and your experience? Terms of your contract are based on the company's financial resources, the value you bring as an individual, company standards, industry norms and other similar aspects.

4. 

   Play up your positives. A company doesn't want to give you more than it has to in most cases, but by showing what you've done and how you, individually, have been an asset to the company, you give yourself leverage. Did you bolster sales? Have you kept your health care costs down? These can be areas to play up to get what you want from an employer.

5. Be prepared to get--and to give. Let's say that you finally get the severance package you're after ... you're done, right? Not necessarily. The employer may request that you give up other terms in exchange for what you get. In the case of your awesome severance package, you may need to waive your right to litigation against the employer in the future. Assess what the deal-breakers are before you walk into the boardroom.

6. Beware of non-compete agreements. Your employer may wish to toss in a clause or a separate agreement that stipulates you cannot take actions that compete with the current company. While these help protect the company, if you sign one that states what you can do after leaving the company, it could hamper your ability to get another job. Also, be leery of agreeing to something that requires you to sign over all of your ideas to the company, which can hurt you in the future whether you move jobs or decide to go solo with an idea.

7. 

   Dress to impress--and be polite. If you do negotiate directly with your employer, keep things professional. Make it clear to your company that you appreciate and enjoy working there, but state that you would like to negotiate some terms of the contract. Practice some of the main talking points and if anything gets too heated, excuse yourself or let the employer know that you need to postpone negotiation or, better yet, consult with a lawyer.

Resources

• CIO: Negotiation Basics
• LegalMatch: Employment Contract Law