With international arbitration becoming a preferred method for resolving disputes between multinational corporations, Miami is becoming a hot spot on the legal scene’s global map, according to the New York Times.
The news that a $1.6 billion arbitration stemming from the Panama Canal expansion is taking place in Miami is the latest example of the City’s rise.
Why Miami? It boils down to three factors:
– Affordability: The cost of holding an arbitration in Miami can be as much as 30-60% less than in other major cities.
– Accessibility: Miami is within reach for companies traveling from South America, Europe and Asia; they view Miami as a convenient midway point.
– Infrastructure: Miami has created an environment conducive for arbitrations – creating new facilities such as the second International Arbitration Court in the US; advocating for new policies at the state level; and recruiting some of the world’s largest law firms to open offices here.
“What was once a subset of the legal sector is now becoming a stand-alone industry,” said Eduardo Palmer, lawyer and secretary for the Miami International Arbitration Society.
Miami’s economy is set to reap the benefits of international arbitration as well: in addition to the boost for law firms and lawyers, the travel and hospitality markets will also benefit from hosting parties involved in international disputes.
You can read the full report by the New York Times here, and more about the Panama Canal dispute here.
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