LCIA Report Shows Expedited Procedures and Participant Diversity on the Rise
A total of 317 arbitrations were referred to the LCIA in 2018, according to the report. A record number 271 were referred under the LCIA Rules. The LCIA administers arbitrations across a wide variety of industries, and referrals in the banking and finance industry grew in 2018, representing 29% of all cases — up from 24% in 2017. The institute saw a 5% drop in energy and resources disputes to 19% of its 2018 caseload.
In 2018, the LCIA appointed arbitrators from 34 different countries, selecting non-British arbitrators 57% of the time. Women arbitrators comprised 23% of all arbitrator appointments (102 out of 499): LCIA Court appointed a woman arbitrator in 71% of cases, the parties selected the arbitrator in 13% of cases, and the co-arbitrators selected the arbitrator in 17% of cases.
The 2018 figures revealed a growing recourse to expedited tribunal formation procedures. The LCIA received 23 applications in 2018, eight more than in 2017. Of those 23 applications, 8 were granted, 9 were rejected, and 6 were superseded, withdrawn, or pending at the end of 2018.
The diversity of parties from around the world shows an upward trend. LCIA casework data showed statistically significant rises in numbers of parties from India (8%), Mexico (3%), Ireland (2%), and Cyprus (2%).