- The London Court of International Arbitration (LCIA), one of the world’s premier arbitration institutions, has published some updates to its services with effect from December 1, 2023 covering:
- Arbitration fees and costs, and arbitrator rate
- Mediation costs
- Other general changes
The LCIA has announced several new measures to update its services. The announcement was made on its website and the changes are summarized below.
- The changes will come into force on December 1, 2023 and will apply to LCIA arbitrations registered on or after that date.
- A revised Schedule of Costs, including:
- A range of hourly charging rates for the arbitral tribunal ranging from £250 to £650ph. The LCIA will continue to consider the complexity of the case, and not just the amount in dispute, when setting the maximum hourly rate in each case. It may recommend that the maximum hourly rate be capped at an amount lower than the top of the range.
- A range of hourly charging rates for tribunal secretaries set at £100 to £250ph.
- The application fee for the appointment of an emergency arbitrator will be increased from £9,000 to £10,000.
- The emergency arbitrator's fee will be increased from £22,000 to £25,000.
- The LCIA Secretariat's hourly charging rates will increase by 7%; however the registration fee will remain the same at £1,950.