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 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 leading 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. The app can also be used to help estimate the costs of ad hoc arbitration.