LCIA Costs And Duration Data

There is little doubt that international arbitration can be an expensive process. Against this background, on 3 November 2015, the LCIA released data on the average costs and durations of the arbitrations that it administers. The analysis also included a high-level cost comparison with other institutions including the ICC, SIAC and HKIAC. However, an analysis of average durations across these institutions was impossible because the others do not provide comparable statistics.

Methodology

The LCIA recognised that in comparing costs, users can often rely on approximate cost calculators provided by institutions such as the ICC that operate on an ad valorem basis, where costs are relative to the value of a claim. The LCIA operates on an hourly basis which means that any indicator of prospective costs must rely on actual data. In compiling its statistics, the LCIA used data relating to costs and durations from cases between 1 January 2013 and 15 June 2015 in which a