Arbitration is where parties involved in a dispute agree to an out-of-court process where an impartial tribunal delivers a fair and binding resolution.
The LCIA has been using the most experienced arbitrators, mediators and experts to resolve high-profile disputes ever since the late 1800s, and it’s the first time that Philip has been appointed by the LCIA in his 35-year legal career during which time he has undertaken more than 100 arbitrations.
Philip – who has handled several £20 million-plus arbitration cases in his career and sits on panels for the Chartered Institute of Arbitrators, the Law Society and the Institute of Chartered Accountants – spoke of his pride at being selected by the LCIA.
He said: “Bodies such as the LCIA handle various multi-million-pound cases – including disputes between countries and global organisations – so I am honoured to be given a seat at what is an incredibly prestigious table.
“What makes it more humbling is that I was recommended to the LCIA by a third party so hopefully this can lead to involvement in further LCIA-based cases for both myself and Wright Hassall in the future.
“I see Coronavirus acting as the catalyst for more and more businesses to turn to arbitration.
“Coronavirus is likely to trigger a future rise in demand for arbitration services because there will be more creditors seeking owed money from struggling businesses, coupled with a realisation that arbitration can provide a quicker, easier and more cost-effective alternative to formal litigation through the traditional court system.”
Pictured: Philip Harris