Lack of Diversity – A Valid Concern in International Arbitration
8 Pages Posted: 20 Nov 2020
Date Written: 2019
Arbitration is recognized as an effective alternative dispute resolution mechanism with numerous advantages such as its flexibility, neutrality, speed, low costs. It is widely accepted and used in almost every jurisdiction involving parties from all over the world, so one could conclude that arbitration promotes and improves diversity in the process of resolving disputes. However, international arbitration is not only very popular and effective alternative way of dispute resolution, but also prestigious and profitable for arbitrators who are involved in the proceeding. The market is very competitive and it is hard for new and unknown practitioners to join the relatively closed system of reputable arbitrators. Parties tend to choose renowned arbitrators who are already positioned in the market establishing a trend of “frequent flyers” – numerous appointment of the same arbitrator. Thus, in recent years, there has been an increase in awareness of the lack of diversity in international arbitration.
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