In his speech, Wolfson said AI can also be potentially used for the translation of documents in international commercial arbitration. Translation is often slow and expensive, he noted. With the use of AI, the savings in terms of both time and cost are likely to be significant, he pointed out.
The rise of Online Dispute Resolution (ODR) in the present, as a mode of alternative dispute resolution also found mention in Wolfson’s address.
While some may view ODR as a form of rough justice, it is better than no justice. There are too many people who still do not get any justice, he pointed out.
He flagged certain risks and challenges faced in London, when it came to arbitration as well. There is a real risk that arbitration is becoming too slow and mimicking court procedures, he said. He went on to opine that the present pool of arbitrators needs to be widened and become more diverse.
“We are not seeing the next generation of arbitrators come through as quickly, or in as diverse a group, as many of us would like,” he said.
Source: Barandbench
