The Role of International Arbitration Finance
Arbitration is quickly becoming the preferred method of handling domestic business disputes in countries across the globe. When it comes to business conducted on a transnational level, international arbitration is often the go-to method for dispute resolution. As a lawyer, choosing to specialize in international arbitration is a sensible move in today’s increasingly global business world.
Why Businesses Prefer Arbitration
Let’s take a look at just a few of the reasons so many businesses choose international arbitration to solve transnational disputes.
• Creativity: Courts and court rulings are governed by jurisdictional boundaries that are relatively straightforward. When you’re dealing with creative business agreements straddling multiple cultures, the stagnant solutions offered by one country’s court of law just won’t cut it. Arbitration gives businesses the opportunity to form tribunals that can develop creative solutions when ruling in favor of the winning party. In this way, the needs of every individual client are considered and adequately represented.
• Flexibility: Courts have a particular way of operating and hours of operation that aren’t suitable or convenient for all international cases or participants. Arbitration allows for looser constructs so that timelines, hours of operation, and communication methods are more flexible, thus better suited to the parties involved.
• Ease: Arbitration can bring simplicity to complex cases, making it very appealing for companies that don’t want to be tied up in trials for a long time.
• Enforceable awards: As with any courtroom award, the judgments and awards determined by the arbitration tribunal are binding and enforceable. Often, this means the judgment cannot be appealed unless gross misconduct is suspected. This assures companies that the matter is resolved once it’s been decided.
• Privacy: Trials are public affairs, with courtrooms often open to the community. Many businesses want to avoid the public scrutiny that comes with a trial or courtroom battle, especially those who want to guard the nature of the complaints they are making or facing. Arbitration is a private action that doesn’t need to be made public and often has confidentiality agreements governing it.
Litigation Finance: A Resource for International Arbitration Lawyers
When a lawyer decides to practice international arbitration law, they are signing on for a rewarding career. But with those rewards come significant expenses and expectations that can be financially burdensome. International arbitration finance is a tool available to lawyers and firms to help them meet the expenses of practicing international arbitration. This non-recourse funding is offered based on the strength of the cases taken on by the applying lawyer or firm.
As a lawyer specializing in international arbitration, the funding can be used to help you stay at the top of your game and the forefront of your field by allowing you the time and resources to:
• Research multinational case law and statutes of various countries
• Stay up-to-date on commercial arbitration
• Study the nuances of arbitration agreements
• Travel abroad during all seasons
• Maintain relationships with various translators, cultural guides, etc.
International arbitration finance is a tool that can help you and your firm maintain the capital necessary to meet the expanding needs and expectations of your clients while also growing your firm.
Partner with Pravati Capital today to support the future of your clients, and your firm, with the international arbitration finance you need to win.