'Arbitration pricing calculator' is aimed at both dispute resolution and transactional lawyers
Global law firm Reed Smith has announced the launch of a mobile app to help arbitration users calculate the costs of arbitration in different currencies around the world.
Through the Reed Smith ‘arbitration pricing calculator, clients can now quickly and accurately navigate the myriad cost structures at key arbitral institutions to inform their dispute resolution stance.
The firm claims the app is useful for both users engaged in dispute resolution and those engaged in cross border transactions and projects where arbitration is being considered as the method for dispute resolution.
Developed by Timothy Cooke, a partner in Reed Smith’s international arbitration practice, the app represents the firm’s latest example of driving client-facing innovation.
The app, which is aimed at both dispute resolution and transactional lawyers, enables users to calculate the expected administrative and tribunal costs of arbitration in over 20 currencies based on several inputs, such as:
- The amount in dispute
- Which institute will administer the case
- Whether the tribunal is to consist of a sole arbitrator or a panel of three
- Whether an expedited or emergency procedure is to be adopted
The app forecasts expected costs based on the chosen institution’s fee schedule and practice notes, and provides the user with other information about the institution and its rules. Those costs are automatically converted to the user’s chosen currency through up-to-date exchange rates. The ‘arbitration pricing calculator’ currently covers 37 international arbitration centres. It can also be used to help estimate the costs of ad hoc arbitration.
The app’s price transparency offers users several benefits, according to Reed Smith:
- Users can forecast likely costs of arbitration when deciding which institution to include in the dispute resolution clause of contracts and transactional documents.
- Parties to a dispute can budget for their case, and calculate the deposits they may need to make to an arbitral institution.
- Arbitrators can estimate their fees for a given dispute.
The ‘arbitration pricing calculator’ is a free download available through Apple Store and Google Play.
“I created this app to simplify the process of estimating institutional costs of arbitration for clients, arbitration and transactional lawyers, and arbitrators,” said Cooke. “Navigating the rules, practice notes and schedules of the various institutions can be complex, especially when you consider the potential pitfalls posed by different procedural options and currency conversions. With the arbitration pricing calculator, users can estimate costs instantly and access a wealth of other information about an institution and its rules at a tap of the screen.”