Irish Commercial Mediation Association
A recent survey carried out by the Irish Commercial Mediation Association (ICMA) among the managing partners of more than 3,500 law, accountancy and other professional firms reveals that mediation is the most preferred method of dispute resolution. Three quarters of those surveyed ranked mediation as their first preference for dispute resolution, followed by conciliation, arbitration and litigation.
Mediation is a private process of assisted negotiation. The key advantages of mediation are costs (up to 70% cheaper than litigation), speed (cases are typically dealt with in three to six weeks), confidentiality, privacy and the preservation of business relationships. Furthermore the parties retain control of the process and a decision is not imposed on them by a third party decision maker such as an arbitrator or a court.
In the challenging economic climate, mediation represents a cost effective solution to commercial disputes, while minimising business disruption.
The results of this survey were revealed by ICMA at its conference in Croke Park on Friday 6 March. The conference was aptly named “Mediation saves Time, Money and Business relationship” and was attended by Breda O’Malley, Partner and Laura Fannin, Solicitor of Hayes Solicitors.