(MP) By becoming a arbitrator you can do your part to end cutthroat courtroom maneuvering. Use your legal know-how to help litigants find workable solutions to their legal dilemmas. Thanks to a cumbersome and expensive judicial system, arbitrators, mediators, and conciliators are needed to facilitate negotiation and dialogue between disputing parties to help resolve conflicts outside of the court system and according a Bureau of Labor Statistics report these jobs are set to explode by 2024.
What does an Arbitrator do?
Mediators help lower the chance of a trial, but they need excellent communication, interpersonal and legal skills to craft the compromising proposals between parties. They’re responsible for acting as a middleman to resolve disputes and help parties come to a resolution. Helps parties settle disputes out of court.
Primary responsibilities may include:
Assist with mediating disputes out of court.
Set up appointments for mediation.
Conduct first meetings with parties to outline arbitration process.
Determine fees and fee schedule.
Facilitate open communication between parties.
Prepare, examine, and analyze accounting records, financial statements, and other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards.
Report to management regarding the finances of establishment.
Obtain disputes from the opposing parties.
Interview parties to clarify issues and develop a more clear understanding of dispute.
Weigh both sides to come to a final and nonbinding decision.
Hear arguments for both sides.
Offer suggestions or legal advice to resolve disputes.
Draw terms of a settlement that are either binding or non-binding.
Keep all material and proceedings confidential.
Guide parties to a settlement.
Prepare documents for parties to sign.
Preside over executive minitrials, early neutral evaluations, and summary jury trials.
Prepare forms and manuals for accounting and bookkeeping personnel, and direct their work activities.
Identify the main issues and explore the possibility of settlement.
Survey operations to ascertain accounting needs and to recommend, develop, and maintain solutions to business and financial problems.
Assist the parties by indicating procedural recommendations.
Analyze business operations, trends, costs, revenues, financial commitments, and obligations, to project future revenues and expenses or to provide advice.
Explain terms of non-binding or binding verdicts.
Establish tables of accounts, and assign entries to proper accounts.
Analyze evidence and apply relevant laws, regulations, and policies.
Develop, maintain, and analyze budgets, preparing periodic reports that compare budgeted costs to actual costs.
According to the BLS, employment of mediators, and conciliators is projected to grow 9 percent from 2014 to 2024, faster than the average for all occupations.
The median annual wage for arbitrators, mediators, and conciliators was $58,020 in May 2015, according to the BLS.
|Required Education*||B.A, B.S., MA or J.D.|
|Projected Job Growth (2014-2024)||9%*|
|Average Annual Salary (2015)||$58,020*|
Education and Training
Your State sets the education, experience and licensure requirements for arbitrators. At the very least, you will need a bachelor’s degree; however, you will probably be required to continue your education and earn a law degree or a master’s degree in conflict resolution or alternative dispute resolution.
Certificates in varying areas of arbitration are also available at the graduate level, though some programs may require you to have or be working towards a law degree in order to enroll.