Arbitral institutions have been revising their rules to make their offerings more attractive to potential parties, according to international law firm Baker Botts’ latest report on global arbitration trends (‘IDR Report 2017’).
The report notes that the International Chamber of Commerce has introduced an expedited procedure and the DIFC-LCIA Arbitration Centre has brought its rules in line with 2014 changes to arbitral rules.
Meanwhile, it reports, third party funding could become more attractive in English proceedings, following recent caselaw that an arbitrator has the power to award a successful party the costs of its litigation funding.
