Legal tech start-up firm Immediation has launched a dispute resolution platform that it claims can slash business court costs by up to 98 per cent, by delivering expert-facilitated outcomes entirely online.
The platform enables direct access to mediation, commercially focused expert determination and arbitration online as an alternative to traditional pathways including court-based dispute resolution and offline alternative dispute resolution, Immediation said in a statement.
In addition, its video conference tool allows parties and their lawyers to participate in a mediation or arbitral hearing, including conferencing in private rooms, without being in the same location.
The platform is backed by a panel of 90 independent legal experts and dispute resolution specialists to help resolve commercial disputes online, including former senior judges, tribunal members, QCs/SCs, barristers, arbitrators, mediators and leading lawyers from top-tier and boutique specialist firms.
According to the start-up, a claim worth $5 million would traditionally cost a business around $300,000, but using its own platform, that cost would be $7,000
To date, the business has raised $1.8 million in funding.
Immediation founder and managing director Laura Keily (pictured) said Immediation is impartial and non-aggressive, focused on resolving disputes, avoiding escalation and maintaining business relationships.
“It presents enormous opportunities to remove traditional pain points for companies and general counsel, while opening up new work possibilities for solicitors, barristers, mediators and arbitrators facing a changing industry,” Ms Keily said.
“In particular, Australian dispute resolution practitioners, who are well known internationally for their quality, can overcome our geographic hurdle in participating in international dispute resolution.”
The business quoted former Justice of the Federal Court of Australia and one of its panellists, John Gilmour QC, as saying that the prospect of litigation can be “daunting” for any business, not only because of the financial costs but also the general stress and potential lost opportunities.
“Immediation fills a much-needed hole in the litigation and mediation market and has the ability to free up the heavily clogged court system,” he said.
According to the Australian Small Business and Family Enterprise Ombudsman’s Access to Justice Report, of the 1,600 SMEs it examined that had undertaken formal dispute resolution processes, the average cost to the business worked out at $130,000.