It’s not often that a new industry is created from scratch in Miami, so a decade-long effort by local attorneys and business leaders to establish our city as a hub for international arbitration has officially caught our attention.
As cross-border transactions become more prevalent, arbitration has emerged as a fair and mutually-agreeable method for resolving business disputes.
Where does Miami fit into the equation? Turns out our city is well positioned to serve as a neutral arbitration site, thanks in large part to our location between Latin America and Europe, and our affordability by comparison with other cities competing for the same business (here’s looking at you, New York, Paris and London!).
Miami took a big step forward this month with the opening of the country’s second International Arbitration Court.
Another milestone will be crossed in April, when more than 1,000 of the world’s top arbitration practitioners and scholars descend on Miami for the 2014 International Council for Commercial Arbitration Congress (ICCA). Considered the World Cup of international arbitration, the biennial event will return to the U.S. for the first time in 28 years (New York played host in 1986).
All of this spells big business for Miami. Arbitration proceedings can last weeks – even months, in some cases – bringing significant economic impact to local hotels, restaurants, law firms and legal service providers.
Interested in learning more about this growing sector? You’re in luck: Bilzin Sumberg attorneys Jose M. Ferrer and Joseph Mamounas recently penned a Law360 op-ed that delves deeper into how Miami stacks up as an arbitration site. You can read it here.