Are there any advantages to using mediation or arbitration rather than litigation for high-net-worth cases?
Amy Zylman Shimalla’s Answer:
In all cases, it is far more beneficial to utilize an alternate dispute resolution process rather than litigating. When a case is in litigation the parties and their lawyers often find that they are sitting around the courthouse all day accomplishing very little while spending a great of time and incurring significant counsel fees, often thousands of dollars on each appearance. By contrast, every mediation session is scheduled to accomplish resolution. If experts are involved in a case, which is often true in a high-net-worth case, the experts can be a part of the mediation. The idea is to get everyone involved in the process, coordinated by the mediator, so a comprehensive settlement can be reached. Similarly, in Arbitration, the issues to be tried are identified, the process is agreed upon, a mutually convenient schedule is set, the matter is heard, and the Arbitrator issues his or her opinion shortly thereafter. Both mediation and arbitration are private, which is often important to high-net-worth clients.