The portfolio arbitration model is shifting the legal landscape: an insider view from Pallas Enterprise.
If you are a plaintiff-side attorney in the consumer law or class action spaces, you are at least somewhat familiar with the concept of restrictive arbitration provisions, which many companies include in their terms and conditions.
Companies believe that any case brought as a class action will be forced into individual arbitration, therefore reducing the risk of any suit brought at all.
For a long time, this logic has worked, and consumers were de facto restricted from having access to justice. This is because taking on individual arbitration cases with minimal potential recovery would create a financial hardship for most contingency law firms, yet paying for an attorney in advance or going pro per would create an equal hardship for most individuals.
The new arbitration model.
However, recently, a new dispute resolution model has emerged that enabled consumer attorneys to take on portfolios of arbitration cases and resolve them in a manner that benefits their clients and justifies their investment of time and resources.
The use of technology and innovation allowed attorneys to recover fair individualized settlements or awards for their clients while streamlining dispute resolution at a scale.
Launched at the beginning of the pandemic, Pallas Enterprise is a practice development partner for plaintiff-side attorneys specializing in mass arbitration and portfolio litigation. Pallas helps attorneys identify, acquire, and manage mass arbitration portfolios. The agency has found a way to make mass arbitration accessible and manageable for plaintiff-side law firms of all sizes, ultimately shifting the litigation landscape.
The legal industry’s best-kept secret.
“The majority of law firm owners don’t know what is going on in the mass arbitration space. The arbitration forum is private; settlements are not being published on any online forums or in any publication. Portfolio arbitration can be as financially viable for plaintiff-side attorneys as class actions – and, most importantly, much more beneficial for their clients – but you cannot just go online and Google how it works. This model is one of the legal industry’s best-kept secrets,” says Sofia Wadler, LL.M, the founder of Pallas Enterprise.
Sofia’s team has found a way to make these arbitration portfolios accessible and manageable for attorneys through innovative technology and marketing strategies.
Pallas Enterprise works with several law firms actively and successfully pursuing this law practice model.
“Some of the lawyers I work with completely stopped pursuing class actions and individual cases and shifted all of their resources to portfolio arbitration,” says Sofia.
New ways to collaborate.
As the popularity of the mass arbitration model increased among Pallas’ clients, the agency started promoting collaboration and community approach to this practice area.
Collaboration is essential for work in a post-pandemic legal world. Attorneys and law firms can work together to draw from each others’ skill sets and experiences to produce the best results possible for their clients
Pallas is a proud supporter of the plaintiff-oriented Mass Arb Summit. Sofia is honored to have been asked to host the 2021 Mass Arbitration Summit in Las Vegas, Nevada in September 2021. For more information about the Summit, please email [email protected]