Generative artificial intelligence technology is the key to making the arbitration process more efficient and less expensive, says Bridget McCormack, the group’s president and CEO of the American Arbitration Association (AAA). The AAA is developing AI to expedite arbitration cases with tasks like clause building and reviewing, as well as creating scheduling orders, tasks that traditionally take substantial time and increase costs for clients.
“Arbitrators and clients often remark that litigation and other dispute resolution processes take too long and cost too much”, added McCormack. By incorporating generative AI in these processes, McCormack believes this technology could potentially replace arbitrators in the future, implying a radical revolution in the way arbitration proceedings take place.
The AAA is one of the largest providers of alternative dispute resolution services, and it’s evident that these developments could have significant impacts on arbitration processes across the globe. While the full potential of AI in arbitration is yet to unfold, the contributions to time and cost efficiency so far point to a promising future.
Read more about the AI-powered paradigm shift in arbitration on Bloomberg Law.