Commercial mediations increased by about 5 per cent last year in the UK, with their value exceeding £10.5 billion, figures from a London-based dispute resolution body revealed yesterday.
The 2016 audit from the Centre for Effective Dispute Resolution claimed the results showed that some businesses saved £2.8 billion in management time, relationships, productivity and legal fees by opting for mediation over conventional litigation.
The figures also highlighted how profitable the sector is for those arranging and running mediations. Service providers last year earned £22.6 million, which was described as “an impressive return on investment for the UK economy when compared with the savings for businesses in costs”.
According to the report, lawyers were “generally pleased” with the quality of the mediators, with 60 per cent rating those they worked with as very good.
The report also found that for the first time there more non-lawyers – 57 per cent – than lawyers acting as mediators.