Global law firm Reed Smith announced the launch of a first-of-its-kind mobile app to help arbitration users calculate the costs of arbitration.
According to Reed Smith, through the Reed Smith Arbitration Pricing Calculator, clients can 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 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.
The Arbitration Pricing Calculator’s price transparency offers users several benefits:
- Users can forecast likely costs of arbitration when deciding which institution to include in the dispute resolution clause of contracts and transactional documents.
- Parties to a dispute can budget for their case, and calculate the deposits they may need to make to an arbitral institution.
- Arbitrators can estimate their fees for a given dispute.
The Arbitration Pricing Calculator is a free download available through the Apple Store and Google Play.
Cooke is a barrister with two decades of experience representing Asian and other international clients. He wrote what is widely considered the authoritative book on international arbitration in Singapore – ‘International Arbitration in Singapore: Legislation and Materials’.
He explained: “I created this app to simplify the process of estimating institutional costs of arbitration for clients, arbitration and transactional lawyers, and arbitrators. Navigating the rules, practice notes and schedules of the various institutions can be complex, especially when you consider the potential pitfalls posed by different procedural options and currency conversions. With the Arbitration Pricing Calculator, users can estimate costs instantly and access a wealth of other information about an institution and its rules at a tap of the screen. There is no other app like it and so we are delighted to be offering it to the market for free.”
Peter Rosher, Reed Smith’s International Arbitration global chair, said: “Timothy’s creation ties perfectly into the firm’s global expansion of our international arbitration practice. Our clients are engaged in arbitrations across the globe, and they all want predictability of the expense of the arbitral process. The institutional and arbitral fees are a significant component of that expense, so this is one more way in which the firm is striving to make things easier for our clients.”
