Businesses will benefit from faster and cheaper dispute resolution as major reforms to arbitration law come into effect today
The modernisation of the Arbitration Act is set to boost the UK economy by millions while creating new employment opportunities within the legal sector.
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The new law will reinforce Britain’s position as the world’s number one destination for arbitration - building on London’s status as the globally preferred location for these services over competitors like Singapore, Hong Kong and Paris.
This will attract further investment to the UK’s £42.6 billion legal services economy and create highly-skilled jobs, supporting the sector’s existing 384,000 workforce.
Minister for Courts and Legal Services, Sarah Sackman KC MP, said:
As the largest legal services market in Europe, international arbitration represents a major growth sector for the UK economy. England and Wales handle at least 5,000 domestic and international arbitrations annually, contributing £2.5 billion in fees alone.
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From today, arbitrators have the power to dismiss weak cases quickly, preventing businesses from wasting time and money on disputes with no chance of success.
The reforms also require arbitrators to declare any potential conflicts of interest upfront, ensuring fairer outcomes for businesses.
Courts have gained new powers to better support the arbitration process, while simplified procedures will cut delays and costs for all parties involved.
The Arbitration Act received Royal Assent in February and has now been fully implemented.
Cristen Bauer, Director of External Affairs, Chartered Institute of Arbitrators
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