Demand for arbitrators set to grow
There has been an increase in job opportunities and diversification of avenues for law graduates in India.
With an ever-increasing number of pending cases in lower and higher courts, and hundreds of new cases being filed every month, arbitration is one such avenue.
Arbitration is a legal technique for resolving disputes outside the courts by an impartial adjudicator, namely the arbitrator. Arbitrators are legal professionals who mediate the settlement between two parties. Arbitration is a law recognising the fact that compromise is better than confrontation.
In other words, if a person has a dispute with another person, the matter can definitely be resolved by arbitration. In India, laws that govern the arbitration process are laid down in the Arbitration and Conciliation Act, 1996 and it applies to domestic arbitration in India, as well as to international arbitration.
Arbitration is often faster and less expensive than litigation in court. In the recent decade, there has been a significant increase in commercial disputes, owing to an increase in overseas commercial transactions encouraged by the growth of the Indian economy. This has also necessitated the need for arbitration.
Arbitration is very popular among international bodies as it prevents the parties from subjecting themselves to local laws and courts. Nowadays, it is incorporated into several contracts involving individuals and other institutions concerning various industries such as infrastructure, information technology, etc.
For people with a strong interest in arbitration, it is a promising career choice. A sound legal background and knowledge of a variety of techniques which can help parties reach mutual agreements is required.
Qualities such as patience, perseverance, critical-thinking, detail-orientation and good problem-solving skills are pre-requisites. In addition, arbitrators must be excellent communicators, good listeners with an ability to keep all information regarding disputes confidential. They must also be capable of assessing large quantities of complex information to assist with their decisions.
The minimum educational qualification required for an arbitrator is an undergraduate degree. Employers insist on a law degree and experience as a lawyer. There are arbitrators with a Master’s in Law, Public Policy, or other related field. Internships while pursuing the law degree would help in gaining practical experience in the field. There are also short-term specialised certificate courses in arbitration.
Arbitrators must strive to keep their skills up-to-date and stay well-informed on the current advancements in the field, throughout their careers. The requirement for arbitrators is expected to grow faster than the average for all other professions. This growth is driven by an increased need for less-expensive alternatives to litigation. Arbitrators with advanced qualifications and professional certification will be in great demand.
