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A Step Toward Efficient International ArbitrationBy CIOAdvisor Apac | Friday, August 30, 2019
Following the tremendous developments in artificial intelligence, the fintech industry is witnessing an increase in its applicability.
FREMONT, CA: With respect to the generation of global arbitration management, professional experts believe that the international arbitration proceedings are emerging as a multi-trillion-dollar asset. The status quo of depending exclusively on anecdotal evidence and qualitative memos is inadequate under this new paradigm. Once the stakes are all-or-nothing, a more empirical, credible, and explainable framework is needed to assess the risk of the deal. While AI is in its early stages of arbitral accolades, ArbiLex, a legal-fintech startup that leverages predictive analytics to empower lawyers and litigation funders has introduced Arbitrator Analytics Platform to reshape the international arbitration and litigation finances decision-making by rating arbitrators via a proprietary reasoning system. ArbiLex has already developed and tested the effectiveness of its algorithms in multi-billion-dollar circumstances across various nations with leading global law firms and litigation funds.
International arbitration for worldwide law firms and litigation funds is one of the fastest-growing lines of business. The year before, Singapore and Hong Kong became the earliest jurisdictions to modernize the entry of litigation financing into international arbitration, extending beyond conventional venues such as the United States, where the size of the market of litigation financing is projected to range from $50 billion to $100 billion.
ArbiLex's analytical solution optimizes expertise and probabilistic modeling to guide high-value strategic options, beginning with the choice of international arbitration tribunals, which is the most valuable choice in any arbitration case. Earlier this year, ArbiLex's Arbitrator Analytics Platform tested, monitored, and theorized the state-of-the-art innovation labs before the formation of the team.
In international arbitration practice, as AI has increased rapidly as a disruptive innovation, ArbiLex has become a major project that aims and implies to be a major resource throughout the sector. ArbiLex introduces the data-driven intellectual ability to challenging and crucial choices such as the selection of tribunals, offering the assessment of the legal team with a significant goal interface. This is probable to become an extremely desirable-after risk management instrument for both funders and business parties. Moreover, using AI from ArbiLex will assist consultants and customers evaluate their roles, take the greatest approach, and provide significant feedback on when fighting makes sense and when settling makes sense. The device set considerably enhances the counsel's capacity to assist claim holders in making intelligent use of the method and attaining stronger results.