LCIA Arbitration – Latest Update On Costs And Duration

Parties wishing to initiate arbitration often have two key concerns in addition to whether a case has merit: the costs and duration of the proceedings. These concerns were recently addressed by the London Court of International Arbitration (the "LCIA") in a report published on 30 December 2024, entitled "Facts and Figures – Cost and Duration: 2017-2024" (the "2017-2024 Report"). The most important takeaway is that the overall median cost of a quantified LCIA arbitration was USD 117,653, with a mediation duration of 20 months.

In the report, the LCIA analysed the cases concluded by a final award in the period between 1 January 2017 and 12 May 2024, i.e., a total of 616 cases. Among these 616 cases, 568 had a quantified amount in dispute, and 48 were unquantified. Interestingly, they were evenly split between a sole arbitrator and a panel of three arbitrators: