Miami Poised to Become Next Big City for International Arbitration

More than 1,000 practitioners, attorneys and arbitrators from prestigious international law firms attended the recent International Council for Commercial Arbitration (ICCA) 2014 Biennial Congress in Downtown Miami. The last time the ICCA held its conference in the U.S. was in New York City in 1986, so I was excited to take advantage of this rare occasion to learn about the latest developments in the arena of international arbitration and the increasingly important role Miami will play.

One trend is clear: the overall popularity and demand for international commercial arbitration continues to grow. Consider the following factors:

• The International Chamber of Commerce (ICC) reports that in the last four years it has seen exceptional activity, with an average of 791 cases registered per year and 473 arbitration awards rendered. These cases involved 2,036 parties from 137 countries and independent territories, according to ICC statistics.
• Reductions in discovery and other costs make arbitration proceedings an attractive option instead of public court proceedings.
• International arbitration generally offers a higher degree of privacy and confidentiality than public court proceedings.

The above trends and the rapid growth of Latin American economies position Miami at the forefront of host cities for alternative dispute resolution. The ease of travel between Miami and Latin America makes our city a convenient, safe and inexpensive destination for practitioners. In addition, new developments in our court system have elevated Miami’s relevancy in international commercial arbitration among cities such as Paris, London and New York City.

Here are some unique developments in Miami:

• On December 17, 2013, the Miami-Dade County Circuit Court announced the creation of an International Commercial Arbitration section designed exclusively to handle these matters. A subdivision of Miami-Dade’s Complex Business Litigation court will feature specially trained judges to handle the enforcement of international arbitral awards.
• Miami has experienced and bilingual court reporters, stenographers and videographers.
• Miami is a bargain when it comes to costs of services and legal/consultant rates, which can be as much as 60% lower than New York City, London or Paris.
• The Florida Bar has allowed foreign attorneys to represent clients in arbitrations in the state, and the Florida Legislature has passed arbitration-friendly laws.

Kaufman Rossin’s financial experts have been engaged by counsel in a variety of international arbitration matters and have the experience necessary to assist local and foreign attorneys in complex disputes. If you need help with international arbitration matters, please contact me or another member of our litigation consulting team.