Increased interest in arbitration among Nordic companies
Nordic companies have to deal with more international disputes, and arbitration remains the preferred method of dispute resolution, Roschier states in a new report. Aside from the non-public nature of arbitration, the efficiency and flexibility of arbitration are valued highly by Nordic users.
There is a clear trend. Nordic companies have to deal with more, and to a greater extent international, disputes. And the number of companies recognizing the benefits of arbitration as a dispute resolution method is stable and actually increasing. These are two of the findings in the newly released Roschier Disputes Index 2021- a survey on facts and trends in international dispute resolution from a Nordic perspective.
– The SCC can confirm the results of the report. During 2020 the SCC had the second highest case load historically. Successful business relations rely on transparent, predictable, and enforceable legal norms, and the ongoing Covid-19 pandemic illustrates the strength and value of international arbitration. An efficient and confidential solution to a dispute can be crucial for a company to maintain its position in the market, especially during a global crisis, says SCC Secretary General Annette Magnusson. According to the Roschier report the trust in Swedish law as preferred substantive law remains high among the Nordic companies that choose to enter an arbitration clause in their international contracts.
– The Roschier survey gives us important insights on attitudes and experiences of commercial arbitration in the companies of today in the Nordic region. The SCC rules are very flexible and allow parties and arbitrators to adapt the procedure to suit the dispute at hand. The report also tells us that we need to uphold our continuous work to develop and offer relevant dispute resolution options, that ensure speed and efficiency suitable for the needs of the parties in a particular dispute at hand.
Successful business relations rely on transparent, predictable, and enforceable legal norms. Simply put, the rule of law. And in a crisis, perhaps even more so. To this end, the corona crisis illustrates the strength and value of international arbitration.
All throughout the Covid-19 crisis, international arbitration has provided global leadership of norms. It has upheld principles of certainty in volatile environments. And it has supported and kept the wheels turning when at first sight this appeared impossible.
Once again, we are reminded of how international arbitration functions as that invisible enforcement bar of the global economy, and of its role as an important enabler of trade, economic development, and growth.
The norms of international arbitration represent a unique mix of stability and flexibility. It seeks to safeguard fundamental legal principles, but also to adapt to changing times to ensure that efficiency and predictability is maintained. International arbitration of 2021 operates in an environment which in some respects is very different from the world in which international arbitration of 50, 30 or even 20 years ago operated. As an example, cyber security, money laundering and data protection were not part of the equation for most arbitration practitioners twenty some years ago. Today of course the scenario is quite different.
The challenges of a complex and interconnected world have also motived international arbitral institutions to offer a wider range of dispute resolution services. The result is expedited (or fast track) arbitration, emergency arbitration, different forms of mediation, and industry specific dispute resolution procedures.
What next? One thing is certain - the ever-increasing expectations on speed from international business, and the opportunities offered by digitalization will continue to influence our field and our rules going forward.
Build your expertise in one specific field of law and then seek opportunities to demonstrate this expertise. This is one advice Annette Magnusson gives to candidates who are looking for their first arbitral appointment.
In the sixth session of the RAI “Interview the Institution” series, Youssef Al Saman, Member of the Rising Arbitrators Initiative (RAI)’s Executive Committee - Institutional Liaison Task Force and Partner at Zulficar & Partners in Cairo, meets the SCC Secretary General Annette Magnusson.
In this conversation with Youssef, Annette points out that initiatives like RAI is a valuable way of building the international arbitration community. She also offers an insight in recent appointment trends at SCC and the criteria that the SCC Board applies when making arbitrator appointments. In this context she reflects on SCC’s progress on the gender diversity front and the commitment of the SCC Board to continue this work also when it comes to regional diversity in international arbitration.
In her advice to candidates looking for their first arbitral appointment, Annette encourages young practitioners to gain expertise in a field of law and seek opportunities to demonstrate this expertise before their colleagues.
Watch the full recording of the sixth session of the RAI “Interview the Institution” series >> here