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Domestic arbitration market - estimated at 25 mln euros

Arbitration, an alternative to the court of justice, that supposes the involved sides being 'judged' by a third party that enjoys both sides's trust, is an activity which, according to some estimations, brings annually to the specialized lawyers up to 25 million euros, Business Standard daily reads on Wednesday.

Weight of revenues generated by litigation and arbitration hovers, for an average firm, around 20-25 million euros of the entire market, Ion Dragne, managing partner with Musat&Associates lawyers firm, one of the most important entities on the profile market, told Business Standard. 'This is an approximation because we cannot know all the fees' volume, but we extrapolated', stressed Ion Dragne, who coordinates the Litigation and Arbitration Department within Musat&Associates. In 2007, Bucharest Arbitration Court had 450 such files on its roll call, Craiova Arbitration Court - approx. 300, Galati Arbitration Court - approx. 300, a total of some 1,400 files in the arbitration courts in Romania, stressed Calin Zamfirescu, partner with law firm Zamfirescu Racoti Predoiu (ZRP) and coordinator of commercial litigation and arbitration segment. He stressed that this figure does not include international court arbitration. 'The number of arbitration cases is on the rise, the same as their value...Difficulties met by the justice reform and the speed of business will further boost this trend, arbitration being increasingly important as a method of settling the disputes', Zamfirescu also said. According to him, commercial arbitration accounts for some 20 percent of the total of litigation cases in ZRP business, a growing trend in 2007 from 2006. According to estimations, business law market in Romania is to rise in 2008 at the level of 150-200 million euros. Sursa: http://www.rompress.ro

Tags: arbitration business court euros market

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