Equality of Arms in Arbitration: Cost and Benefits

Abstract

Depending on context and content, a regulatory framework can either help or hinder efforts to enhance aggregate social and economic welfare. Lively debate has arisen with respect to the net effects of two recent sets of directives for lawyer comportment in cross-border arbitration, the first being Guidelines adopted by the International Bar Association, the second contained in new arbitration rules promulgated by the London Court of International Arbitration. Each instrument aims to promote a more level playing field on matters where legal cultures differ, such as document production and counsel independence. Each has caused thoughtful commentators to question the need of such standards, some suggesting unintended consequences including increased opportunities to sabotage proceedings. For now, suspense surrounds the prospect that either set of provisions will find favor in the international community. Only time will tell.

Keywords: professional responsibility, ethics, arbitration, international law

JEL Classification: K19, K39, K49