Litigation Avoidance & Cost Containment Strategies
New York Business Mediation Lawyer & Arbitration Attorney
Litigation is expensive. The cost of legal fees can sometimes exceed the financial benefit gained from pursuing a lawsuit, not to mention the lost time and draining experience of fighting in court.
In some cases, companies, professional firms and even individuals can achieve a faster, less costly solution to conflict through mediation or arbitration. The process of resolving disputes with a traditional court battle is referred to as Alternative Dispute Resolution, or ADR.
Rubin Ferziger is a New York mediation attorney and arbitration lawyer , having been accredited through special training to function in these capacities. The Ferziger law firm advises clients on the benefits and risks of Alternative Dispute Resolution strategies.
Mediation vs. Arbitration: Whats the Difference?
Generally, in mediation each party agrees to present their case to a single mediator. After hearing both sides, the mediator then attempts to get the parties to reach a consensus decision. In this process, the mediator frequently works to assist the adversaries in amicably working out their differences. Often, an agreement is signed in advance that the mediation is not binding. If it doesn't resolve the dispute the participants still have the option of court litigation, or may pursue arbitration.
Arbitration tends to be a more formal procedure that is similar to a traditional court proceeding. As in court, there are rules of evidence and other rigorous guidelines. Arbitration is binding on the parties and is enforceable.
Why Should You Consider Alternative Dispute Resolution?
The advantage of either of these ADR options is a reduction in the speed and cost of getting conflict resolved, which may be quite substantial. Needless to say, for businesses concerned with cash flow and the bottom line, they may offer a distinct financial benefit. Mediation and arbitration can be extremely effective tools for avoiding unnecessary litigation and curbing excessive legal costs.
If you'd like to learn more about reducing your legal expenses with mediation and arbitration, please contact the Law Office of Rubin Ferziger today at 212-490-8585.