A courtroom can be very formal and intimidating if you are not used to it. Court systems often have complex rules of procedure that need to be strictly followed in order for the court to function properly. If you fail to follow the procedure, you risk losing your case, and all the time and effort you have put into it could be wasted. In addition to this, the fact that judicial decisions can only be made based on limited evidence further complicates matters.
What is an Arbitration and Mediation Lawyer?
In formal trials, most people hire local Arbitration and Mediation attorneys near you who are experts in procedure and evidence laws, but these licensed attorneys typically charge by the hour. Taking a case to court (and preparing for it) can take weeks, months, or even years, making litigation expensive.
What Does an Arbitration and Mediation Attorney Do?
Top-rated arbitrators, mediators, and conciliators typically perform the following tasks:
- Facilitate communication regarding a conflict between disputants so that they can reach an agreement;
- Clarify all parties' concerns, needs, and interests;
- Provide an overview of the arbitration process to disputants at the initial meeting;
- Set up procedural matters, such as fees, and determine details such as witness numbers and time requirements;
- Set up mediation or arbitration appointments for the parties;
- Obtain information about disputed issues by interviewing claimants, agents, or witnesses;
- Prepare settlement agreements for dispute resolution;
- Apply relevant laws, regulations, policies, or precedents to reach a conclusion; and
- Analyze information from documents such as claim applications, birth certificates, and physician and employment records.
Parties who disagree can settle their personal or commercial disputes outside of court through arbitrators, mediators, and conciliators. These hearings are private, confidential, and less formal than a court trial.
When to Hire an Arbitration and Mediation Lawyer?
If you are considering whether to hire an attorney to represent you in securities arbitration or mediation, here are some things to consider.
- It is likely that you are unfamiliar with the arbitration process as an alternative to a trial. An attorney with experience in these matters might be a comfort to you and would assist you in presenting your case appropriately.
- Arbitration can be faster, cheaper, and more streamlined than litigation, but some arbitrations involve complex legal and regulatory issues or large damages claims. If your case falls into this category, you might benefit from legal counsel.
- Even before arbitration begins, an attorney can provide guidance. Aggrieved parties can hire an experienced attorney to help them determine whether they have valid legal rights for an arbitration claim. Such information is crucial to avoid wasting time and money on a justice case that has little chance of success.
- Each party is provided identical arbitrator lists generated by FINRA, as well as a detailed background report on each arbitrator. A lawyer can help you determine which arbitrators are best suited for your case.
- Parties to arbitration can have a lot of emotions about what has transpired up to that point, especially during a divorce. Having an attorney represent you as a detached third party to provide legal advice can be very helpful.
- The attorney-client privilege protects all conversations with an attorney. In other words, your attorney isn't supposed to disclose what you tell them to anyone else. So, any statements you make are strictly confidential. It enables both sides to understand the strengths and weaknesses of the case better and establishes a relationship of trust that can result in better guidance and decision-making.
- In some law schools, securities arbitration clinics provide legal representation to those who cannot afford a lawyer. During arbitration processes between investors and investment professionals, law students provide legal advice and guidance under faculty supervision.
How Do I Choose an Arbitration and Mediation Attorney?
Regardless of whether you hire a good attorney, you may benefit from consulting The PACE Law School Investor Rights Clinic's An Investor's Guide to Securities Industry Disputes.
Finding a qualified lawyer for Arbitration and Mediation near you is the first step if you decide that hiring an attorney in my area is the right choice for you. Here are some tips from the Securities and Exchange Commission (SEC):
- If you have an attorney, talk to them about your situation to determine whether you would benefit from retaining a securities lawyer.
- PIABA and the American Bar Association may be able to assist you. You can search both directories for an attorney who represents you in your area. PIABA Members specialize in representing investors in financial disputes.
- Your county, city, or state bar associations may also be able to assist you.
How Much Does the Arbitration and Mediation Lawyer Average Cost?
Currently, surveys indicate that the best Arbitration and Mediation lawyers near you charge between $375 and $1125 an hour, with the middle point being around $600.
Do Arbitration and Mediation Attorneys Usually Charge for Consultations?
In your first meeting, when you and the legal professional decide whether the lawyer can help, the lawyer may charge you a fixed or hourly fee. Most personal injury cases, like those involving personal injuries, feature a free consultation. Clients should ask whether they will owe money when they make the appointment.