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Attorneys as Arbitrators

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  • Stephen J. Choi
  • Jill E. Fisch
  • A. C. Pritchard

Abstract

We study the role of attorneys as arbitrators in securities arbitration. We find that arbitrators who also represent brokerage firms or brokers in other arbitrations award significantly less compensation to investor-claimants than do other arbitrators. We find no significant effect for attorney-arbitrators who represent investors or both investors and brokerage firms. The relation between representing brokerage firms and arbitration awards remains significant even when we control for political outlook. Arbitrators who donate money to Democratic political candidates award greater compensation than do arbitrators who donate to Republican candidates. We also study the dynamics of panel interaction. We find that the position of chair is an important factor in assessing an arbitrator's influence, although the financial relationships of other arbitrators may also affect arbitration awards. Coalitions with the other arbitrators are also important. If the chair and another panelist possess a common attribute, the effect on the arbitration award increases. (c) 2010 by The University of Chicago. All rights reserved.

Suggested Citation

  • Stephen J. Choi & Jill E. Fisch & A. C. Pritchard, 2010. "Attorneys as Arbitrators," The Journal of Legal Studies, University of Chicago Press, vol. 39(1), pages 109-157, January.
    • Handle: RePEc:ucp:jlstud:v:39:y:2010:i:1:p:109-157
    DOI: 10.1086/599816
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    References listed on IDEAS

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    1. Kevin M. Clermont & Stewart J. Schwab, 2004. "How Employment Discrimination Plaintiffs Fare in Federal Court," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 1(2), pages 429-458, July.
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    Cited by:

    1. Alon Klement & Zvika Neeman, 2013. "Does Information about Arbitrators' Win/Loss Ratios Improve Their Accuracy?," The Journal of Legal Studies, University of Chicago Press, vol. 42(2), pages 369-397.
    2. Honigsberg, Colleen & Jacob, Matthew, 2021. "Deleting misconduct: The expungement of BrokerCheck records," Journal of Financial Economics, Elsevier, vol. 139(3), pages 800-831.
    3. Malin Arve & Claudine Desrieux, 2023. "Committee Preferences and Information Acquisition," Journal of Industry, Competition and Trade, Springer, vol. 23(3), pages 243-260, December.
    4. Stephen J. Choi & Theodore Eisenberg, 2010. "Punitive Damages in Securities Arbitration: An Empirical Study," The Journal of Legal Studies, University of Chicago Press, vol. 39(2), pages 497-546.
    5. J. Ryan Lamare, 2020. "The Devil Is in the Details: Attorney Effects on Employment Arbitration Outcomes," ILR Review, Cornell University, ILR School, vol. 73(2), pages 456-478, March.

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