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Is an Attorney Needed?
Although the NASD allows a claimant to bring an arbitration without an attorney, I recommend that all claimants retain an attorney. In the many arbitrations in which I was present either as an arbitrator or as counsel, I have never seen a brokerage firm not represented by counsel. A competent attorney representing a claimant in an arbitration helps assure that the claimant is on equal footing with the respondent. Typically, attorney’’s representing claimants are paid on a contingency fee basis.
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Conclusion
While there are many theoretical advantages and disadvantages to the arbitration process, it is a quicker and less expensive venue than the normal court setting.
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