What is Arbitration and Why Do I Need an Arbitration Attorney? In order to address overcrowding in the courts, lawyers and judges recommend arbitration as a viable option to mediation or litigation. Any case can enter arbitration but this option is more successful if the case is fairly straightforward and the plaintiff and defendant are willing to talk things out. In arbitration hearings, there is a panel composed of one to three arbitrators instead of a judge, and they are chosen by both sides. The plaintiff and defendant will file their pleadings which the panel will peruse before they listen to the arguments. Both sides can submit their documents through their attorneys and give testimony. Although arbitration is somewhat similar to similar trial, it is less formal. Witnesses are not subject to perjury laws and related offenses in arbitration, and this is because here they do not have to swear an oath. Arbitration cases are more expeditious than traditional trials on average. In traditional trials cases can be delayed and appealed and this is why cases sometimes languish in courts for years. From the time your case is filed until the time the decision is passed by the panel, the process of arbitration can take a little over a year. If the panel renders a decision, then it is binding on all parties.
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Plaintiffs benefit from the speed of the process. Legal fees are smaller because arbitration cases end fast. Company cases are not known by the public and this confidentiality is beneficial to a defendant.
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The disadvantage is that the ruling or award of the panel is final. You also have to pay certain fees related to the size of the award and the number of hearings required to reach the decision. An individual investor and a person or entity that is with the Financial Industry Regulatory Authority involved in a case is qualified or eligible for arbitration. If the case involves businesses, then it can be used to settle disputes. An individual and his investor or brokerage house can have disputes, and this is another than can be for the arbitration process. The reason for this is that most investment firms now insist that their new clients settle any dispute they might have with them in arbitration, rather than in courts. Most contracts include this clause between investors and investment firms. This process is not exactly less expensive for investment firms but they prefer it because it helps them avoid bad press. It is quite possible to represent yourself in an arbitration hearing, so as with a regular trial, but it is not recommended. You don’t want to be pitted against an experience attorney on the side of the defendant to contend with. So, before filing your case you should start looking for a securities arbitration attorney to help you with your case.