"This Chamber is to have all the virtues which the law lacks. It is to be expeditious where the law is slow, cheap where the law is costly, simple where the law is technical, a peacemaker instead of a stirrer-up of strife"
The foregoing was used to describe the London Court of International Arbitration ("LCIA") upon its formation in 1892. In an attempt to adhere to this description, the LCIA released a new set of riles on July 29, 2014, which took effect on October 1, 2014. The new rules are the first major change since 1998 and reflect the LCIA's attempt to effectively respond to recent developments in the field of arbitration. The updated rules include a mechanism for emergency arbitration, a new code of conduct for parties and their representatives, provisions addressing multi-party disputes, as well as a number of procedural changes that are designed to streamline and simplify the process. These changes come on the heels of new rules passed by other arbitral bodies, and indicate the LCIA's desire to remain competitive and current in relation to other international arbitral institutions.
Shohin Hodizoda-Vance, LCIA's New Rules: Modernization Through Adherence to Traditional Principles of Arbitration, 7 Y.B. Arb. & Mediation 158 (2015).