The Value in Securing International Arbitration Case Funding
International business was once the territory of Fortune 500 companies, giant conglomerates, and global juggernauts. Today, thanks to technology leveling the playing field, a single individual working out of their one-room apartment can have a company operating on a multi-national level with contracts in countries they have never visited, much less lived in.
The ability to do business on such a broad scale, without oceans acting as barriers, has led to many instances of complaints against partners in different countries. Since many of these international business agreements include arbitration clauses, law firms increasingly find themselves navigating the confusing waters of arbitration disputes across international waters—and they can sometimes use funding to help out.
The Trouble with International Arbitration
Arbitration clauses can make international business disputes far easier to handle than they would otherwise be—since the alternative would be to go through the court system of one or both countries. Yet they still carry their fair share of difficulties for the attorneys involved. In addition to needing time to review the contracts and clauses and familiarize themselves with prevailing case law from the country in which the arbitration will take place, lawyers also need to select an arbitrator, wait through the tribunal election process, exchange evidence for discovery and then prepare a presentation for defense or complaint.
The arbitration process can go on for an extended period with each side questioning and cross-examining witnesses. One can imagine how complicated a process this is to arrange, with varying levels of accessibility, locations, and time zones. Attorneys also need to be prepared to work through rounds of replies and rejoinders.
Expenses of International Arbitration
It comes as no surprise that, with all the facets involved, international arbitration can be a costly process. Some of the expenses include:
• Hiring professionals. You may need to hire legal professionals from another country, along with translators and coaches who can familiarize you with various customs.
• Research time: When you specialize in international arbitration, you may need to spend time between cases brushing up on social, political, and economic issues of other countries.
• Travel costs: You may have excessive travel expenses for questioning witnesses, reviewing documents, and finding international experts.
The Benefits of International Arbitration Case Funding
When you decide to get international arbitration case funding, you’re investing in your firm’s future. Not only can the funding allow you to take on cases for clients who can’t pay upfront yet have a valuable claim worth fighting, but it can also ensure you’re able to continue growing your firm even while fighting a case.
It takes a great deal of skill, creativity, and knowledge to be an effective international arbitration practitioner. Entering this niche and creating a name for yourself takes time and money as well as success in fighting for clients with international arbitration cases. Talk to Pravati Capital to learn how our international arbitration case funding can give you the resources you need to both reduce your law firm’s risk and increase your likelihood of success with non-recourse funding.
Partner with Pravati Capital today to support the future of your clients, and your firm, with the international arbitration case funding you need to win.