Nicolas Ulmer, a Geneva-based international arbitration lawyer with Winston & Strawn LLP and a Deal contributor, writes about the new global playing field of arbitration, the playing field that has become both public and political.
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He notes:
Arbitration itself has become a profitable industry. Arbitration institutions vie for their market share of disputes, legislatures pass arbitration-friendly measures to attract this business, a class of full-time arbitrators has developed and lawyers pursue these cases avidly. But parties complain about the cost and complexity of this system, and a group of multinational companies recently formed an association promoting efficiency in arbitration.
Further, tensions arise from perceptions that the system favors large corporations and industralized nations, he writes, and offers reforms:
- Include more diverse participants in proceedings.
- Establish a workable appellate system for treaty arbitration.
Finally, he notes that the tensions are more a product of the success of international arbitration than the failures, and warns: "If war is too important to be left to generals, arbitration is now too important to be left to specialist lawyers." - The editors
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