A Data-Driven Exploration of Arbitration as a Settlement Tool: Does Reality Match Perception?
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When Did Settlement Occur?
For those arbitrations that ended in settlement or withdrawal, the point in the arbitration at which this outcome occurred provides a benchmark duration for parties that are actively involved in or otherwise contemplating arbitration (actually or academically) and its potential costs. For each of the arbitrations that settled or were withdrawn, the DRD dataset includes dates of key points in the arbitration, including the date on which the claim was filed (the “claim date”) as well as the dates, where applicable, of any counterclaim, preliminary hearing, and any hearing on the merits. As shown in Figures 3 and 4, the most recent event prior to settlement or withdrawal, regardless of case type, was most frequently the claim date itself, from which we compute the overall duration of the proceedings. Summary plots of these data are shown in Figure 5; for each of the four predominant case types, we show the average length of time (in days) from claim date to settlement, with the margin of error (also in days) computed at the 95% confidence level.
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