Inside counsel face many pressures today, not the least of which is cost containment in litigation. Counsel have met the challenge by using alternative fee arrangements, closely managing outside law firm expenses and bringing other matters in-house. Litigation, however, is inevitable, and costly. While arbitration has received its share of criticism in recent years for failing to meet its promise of a “better, faster, cheaper” substitute for litigation, arbitration still remains, in most cases, a less expensive and faster alternative.
With proper planning, inside counsel can play a crucial role in the design of the arbitration process that starts with a well-drafted arbitration clause, written long before a dispute arises.