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.
– 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.
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.