Current Legal Landscape:

Greece differentiates between domestic and international arbitration, which is governed by Law 5016/2023, incorporating UNCITRAL Model Law amendments. This modern framework strengthens arbitrability, multi-party arbitration provisions, and enforcement under international conventions. Greek courts uphold a pro-arbitration stance.

Advice for Clients:

• Early Counsel Involvement: Engaging arbitration counsel early prevents contract drafting, tribunal selection, and award enforceability issues.
• Cost Management: Conducting a cost-benefit analysis, engaging experts early, and using procedural tools help control expenses.
• Settlement & Diversity: Mediation can preserve relationships, while diverse arbitrators enhance decision-making and fairness.

Threats & Opportunities:

• Threats: Rising arbitration costs and increasing complexity threaten efficiency. The EU’s stance on investment arbitration risks legitimacy concerns.
• Opportunities: Arbitration remains attractive due to enforceability, decision-maker selection, and procedural flexibility. Addressing cost concerns can sustain its appeal.

Ensuring Client Satisfaction:

A dedicated senior team, comprising experienced legal professionals, ensures early case engagement, proactive expert involvement, and constant client updates. Their hands-on, detail-oriented approach enhances readiness for submissions and hearings, and their expertise contributes to the overall success of the arbitration process.

Technological Advancements:

• AI & Automation: AI optimises legal research, expert selection, and procedural automation.
• Smart Contracts: Self-executing agreements improve efficiency in sectors like construction.
• Virtual Hearings & Data Management: Remote hearings and digital tools streamline arbitration, reducing costs and enhancing transparency.

What is the current legal landscape for international arbitration in your jurisdiction?

Greek law distinguishes between international and domestic arbitration. While domestic arbitration is governed by the Greek Code of Civil Procedure, international arbitration is regulated by a modern framework. Greece is a model state and recently introduced Law 5016 of 2023, incorporating the latest 2006 amendments of the UNCITRAL Model Law, coupled with bold innovations. This law applies when the arbitration seat is in Greece and aims to make the country an attractive alternative venue. It allows parties to freely agree to arbitration, choose arbitrators, formulate the process, and select the applicable law.

Key innovations include clear arbitrability, safeguarding arbitration clause validity, provisions for multi-party arbitrations, and uniform enforcement standards for foreign awards under the New York Convention. Greece is also a party to the New York Convention and the 1965 Washington Convention. Greek case law complements this framework, with courts consistently promoting a pro-arbitration stance.

What are three essential pieces of advice for clients related to international arbitration?

To ensure a smooth arbitration process, it is crucial to involve arbitration counsel early. Engaging experienced counsel when negotiating and drafting contracts helps avoid complexities arising from poorly drafted arbitration clauses. Early involvement also ensures that tribunal composition preferences are addressed and that awards are enforceable across jurisdictions. Additionally, parties should be mindful of costs, as arbitration can be lengthy and expensive. Conducting a cost-benefit analysis before proceeding and engaging experts early to assess claim value can help manage expenses. Procedural management tools can further streamline proceedings and control costs effectively.

Parties should also be open to settlement and embrace diversity in arbitration. Alternative dispute resolution methods like mediation can help preserve business relationships when arbitration is necessary. Selecting diverse arbitrators enhances decision-making quality and reflects a commitment to equitable practices.

What are the greatest threats and opportunities in international arbitration in the next 12 months?

One of the greatest challenges in international arbitration is justifying its increasing costs. Arbitration is becoming more adversarial, with extensive document production and submissions raising concerns about complexity and expense. Another threat is the potential erosion of arbitration’s legitimacy, especially given the EU’s well-known stance on investment arbitration. It is crucial to keep commercial arbitration distinct to maintain its credibility. Despite these challenges, international arbitration remains an attractive dispute resolution mechanism due to the ease of enforcement, choice of decision-makers, and process flexibility. By focusing on these strengths and addressing cost concerns, international arbitration can continue to thrive.

How do you ensure high client satisfaction levels are maintained by your practice?

Our firm maintains a lean team of senior associates and partners dedicated to international arbitration. Early engagement and familiarization with case files, along with constant client updates, are key to our approach. We proactively engage experts and witnesses, ensuring readiness well in advance of submissions or hearings. Our partners take a hands-on approach, providing direction and feedback while fostering a collaborative environment. We thrive on exchanging ideas and strategies daily. When it’s time to file a submission or attend a hearing, our team is ready well in advance, allowing clients to review and provide comments ahead of time. We are fast but extremely detailed, setting us miles apart from the competition.

What technological advancements are reshaping international arbitration, and how can clients leverage them?

Artificial intelligence is transforming international arbitration by enhancing efficiency, reducing costs, and improving the accuracy of legal analysis. AI tools assist in legal research, expert selection, procedural automation, and outcome prediction. Smart contracts, which are self-executing, represent another noteworthy advancement. For example, a smart contract for a construction project could include an arbitration clause that triggers automatically if certain conditions are met, such as a delay in project completion. Virtual data rooms and advanced document management systems streamline document handling, improving efficiency and transparency. Remote and virtual hearings, accelerated by the COVID-19 pandemic, reduce costs and offer scheduling flexibility. Clients benefit from these advancements through faster, more efficient, and cost-effective arbitration processes.