The past year has initiated changes in the way we do business internationally. From weekly meetings to annual conferences - technology has proven its worth ...
as the international law community pivoted with the pandemic. Interestingly, the field of law is not known for its aptness to innovate. As use of data becomes prevalent in business strategy and decision-making, will the legal community embrace this? Dispute Resolution Data's new CEO, Diana Droulers, addresses this question and provides insight on the importance of data analytics in international commercial arbitration and mediation.
Why should lawyers use DRD’s data in decision-making?
In order to understand the functions of law firms in arbitration there are many considerations:
- after procuring clients there may be clause considerations for contract drafting
- case analysis for representing either claimants or respondents
- finding third party funding
- defining the actual arbitration procedure
- eventual negotiations, then enforcement and possible annulment of the award
Firms may find that each of these functions has compelling issues that shape the strategy in handling the case. The question really is, “How can the firm best represent the client’s interest in an arbitration?”
DRD provides an international cross-reference to better establish the actual global forecast based on its current data. Why? Because comparatively, firms only have historical in-house data and incomplete public data to cross reference. Arbitral institutions only publish part of their data, and occasionally some surveys. DRD’s database includes over 5,000 cases and 172,000 data points, making it the largest data analytics software service available for the international commercial arbitration and mediation field. The first of its kind, DRD provides uniform international commercial ADR data to better prepare all players in our shared field.
Law firm draft considerations and DRD
Firms face drafting questions when including an arbitration clause in a contract. A clause writer may seek data for defining aspects of arbitration clauses: seat of the arbitration, applicable law, rule inclusion, language. DRD offers extensive information on proceedings, the seat of arbitration, and pertinent implications like the legal environment of the region/country compared to other international regions This provides arbitration clause writers insight into the most current information to consider when determining how to proceed.
Law firms representing claimants and DRD
The ultimate advantage of arbitration for clients is its speed. When representing a claimant, choosing arbitration over ligation is advantageous for a claimant in terms of budgeting. A company’s chief financial officer and board members understand these advantages due to their focus on finances. Because arbitration typically takes less time, the company’s resources become available more quickly, thus allowing for other endeavors. In litigation, the client needs to keep financial equity frozen much longer. DRD’s data on time, duration, and location make it easy to represent a claimant by way of choosing the seat of arbitration and institution that will be the most efficient. This information provides the chief financial officers and board of directors with pertinent and vital budget planning information.
Law firms representing respondents and DRD
Firms representing arbitration respondents have time sensitivities in another manner. A responding party is pressed to find counsel, deliberate strategies, and respond within time limits. This is a situation with implied pressure for any law firm. A representing firm is expected to perform its due diligence and offer a prompt strategy. DRD’s slogan, “Do your DRD” emphasizes its key function in diligence research. Also available is DRD-Direct - a customized, report service offered by DRD proven to be advantageous for time-sensitive matters and vital for small law firms by way of serving as a standby arbitration and mediation research department.
Enforcement and DRD
"Enforcement after the award is not guaranteed. Sometimes respondents comply and other times they may not...,” explains Diana Droulers, CEO of Dispute Resolution Data. For a law firm whose arbitration case may be enforced in a country different than where the contract was drafted, finding information on the seat of arbitration will become a lawyer’s diligent task. This information, as well as other key facts about the international legal environment, can be found in DRD’s database and accessed even from your cellphone’s web browser. Annulment is another situation a law firm may find when working with arbitration. DRD offers data from the most popular seats of arbitration that have adopted the UNCITRAL model law.
In conclusion, DRD is the only source of recent, actual international commercial arbitration and mediation data that provides a global perspective for contractual issues across 29 case types. DRD adds a whole new level to your due diligence research - further strengthening your client's position. If you are interested in hearing about which of DRD's product services can best address your firm's needs, please do not hesitate to contact me: [email protected]