| More Convenient and Affordable than Traditional Arbitration Centers |
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 In addition to its highly developed infrastructure designed to support and promote international arbitration, Miami is also a more convenient and affordable location to host proceedings relating to disputes originating in the Americas and elsewhere than traditional arbitration centers like London, Paris, New York, or Geneva. Due to its geographic location, Miami is much closer to cities throughout Latin America than any of the traditional arbitration centers. As a result, Miami has many more direct flights to cities in Latin America than any of the other recognized arbitration centers, and the corresponding travel time and costs associated with air travel are far shorter and less expensive than those associated with traveling to any of these other centers. Miami also has a competitive advantage over these other locations because the hourly rates charged by professionals involved in the arbitral process, such as attorneys and other professionals that serve as consultants, are substantially lower in Miami than in any of these other venues. The Wall Street Journal recently published an article indicating that some top attorneys in large New York firms had raised their hourly rate to $1,000, and that top attorneys in London bill at rates that, when converted, come close to $1,500 an hour. Rates for experienced counsel in Paris or Geneva are not far below the rates charged by attorneys in New York and London. In contrast, legal and other professional fees in Miami are far lower than the rates charged in any of these other locations. "Miami... a more convenient and affordable location to host proceedings relating to disputes originating in the Americas." Miami also compares favorably to any of these other cities with respect to the cost of hotel rooms and the rental of other facilities necessary to conduct arbitration proceedings, such as conference rooms and temporary office space. The disparity in value of the Euro and the British Pound as compared to the U.S. Dollar also helps to make Miami a more affordable venue. |
