Arbitration was touted as a fast, efficient, economical method for dispute resolution. In the business litigation context it may have failed on all three fronts.
Arbitration takes as long or longer than a lawsuit, is no more efficient, and can be astronomically more expensive. It is an alternative system of justice where the arbitrators need not be lawyers, the law need not be understood nor properly applied and there is virtually no right of appeal. In the commercial context, why do so many transactional lawyers agree to arbitration provisions in contracts?