WILMINGTON — Delaware’s largest law firm has opened a new arbitration and mediation practice, looking to meet the growing need for quicker decisions to be reached between clients out of the courtroom.
Richards, Layton & Finger announced that two of its preeminent corporate lawyers, Greg Williams and Kevin Gross, will lead to expansion into arbitration and mediation. Williams has been a director at the firm since 1982 and has advised and represented some of the largest companies in America in their disputes. Gross joined RLF after serving 14 years as a judge in the U.S. Bankruptcy Court for the District of Delaware, weighing in on disputes on complex Chapter 11 filings.
Williams told the Delaware Business Times that RLF has a strong litigation business, but as the years passed, arbitration — where both parties present their case to an independent third party outside the courtroom and allows the clients to maintain confidentiality—has been growing more popular.
It’s also more cost-effective for companies, since the discovery process is more narrow that what can happen in a lawsuit. Cases that are heard by an arbitrator versus a jury often see less document filings and expert witness fees as well, saving thousands of dollars.
“In my practice, I’ve found that it’s inevitable that if a case drags on it’s going to be more expensive. Arbitration can be more streamlined through a form of shuttle diplomacy in that respect,” Williams said. “When I first started here, arbitration didn’t really exist because it came to be through a passage of law over time. As the legal profession evolves, so does the business community.”
RLF is Delaware’s largest corporate law firm, and the state is famed for how it settles corporate disputes. Seven judges that sit on the bench at Delaware’s Court of Chancery deliberate on disputes between companies and shareholders of the thousands of companies that incorporate in the First State. RLF has 170 lawyers that practice in bankruptcy, corporate litigation, commercial litigation and other fields.
But the firm has slowly been growing its mediation and arbitration practice over the years, with Williams, who now is the chair of the practice, serving as a key player. The firm has cited his experience in handling disputes, as well as an in-depth knowledge of Delaware law to lead the way on previous mediations the firm has handled. He was tapped by RLF President Lisa Schmidt and other firm leaders in June for the job.
RLF attorneys also worked to help draft the state’s Rapid Arbitration Act, which helped pave the way for arbitration, including requiring the arbitration to be done in 180 days, limiting court challenges to one appeal, and removing the need for a judge to confirm awards on the agreement.
“If you think about how the legal community has changed in Delaware, it’s just breath-taking,” Williams said. “This concept of alternative resolution has been growing for a time, and in my mind, it’s going to continue to grow because companies have major disputes that need to be resolved quickly and in an inexpensive way.”
“You hear all the time about corporations trying to cut costs, so I think this dispute resolution method is here to stay, and it’ll get stronger,” he added. “That’s why we want to be at the forefront of this.”
