The Arbitration (Scotland) Act 2010: A New Beginning' conference was hosted by The University of Edinburgh in conjunction with the Chartered Institute of Arbitrators, the Faculty of Advocates, The Law Society of Scotland and the Royal Institution of Chartered Surveyors.
Mr. Walker told the conference that the Arbitration Act represented a new beginning for Scottish domestic and international arbitration, and provided a great opportunity for Scots law and Scottish lawyers to secure a "real slice of the arbitration pie" both at home and abroad.
He described the World as a global market place with people looking at international arbitration with good quality arbitrators and lawyers as the best way to protect their investment.
"There is no reason why these arbitrators and lawyers should not be Scottish. In fact, there are many reasons why they should be, added Mr Walker.
"Scotland can become a forum of choice where foreign parties can bring their arbitrations for resolution. Scottish arbitrators and Scottish lawyers can work on foreign arbitrations, whether as decision maker or counsel, in other exotic countries with no connection to Scotland.
"Scottish legal services are of high quality and excellent value which presents us with a significant competitive edge in the international marketplace.
"The (Arbitration) Act is the main platform which will allow Scotland and Scottish practitioners to taker their place at the international arbitration table and to compete seriously for a slice of international arbitration pie."
Parties from abroad could choose to take a dispute out of the country where it had originated and resolve it in a neutral third country such as Scotland.
International arbitration was popular because it was supported by an international legal framework. Thanks to the New York Convention which provided for mutual recognition and enforcement between signatories an arbitration award was generally more effective and enforceable than a judgment of a national court. There could, for example, be a dispute between a French and a Nigerian company with an arbitration agreement that provided for arbitration in Edinburgh with Swiss law governing the law of the contract.
"Arbitration using English or US lawyers is on any view prohibitive," added Mr Walker. "With the cost of using London QCS and partners in the magic circle firms approximately £1,000 per hour, costs rise quickly on any dispute.
"In comparison, Scotland has the same high quality at a fraction of the cost with QCs and partners in the leading Scottish firms perhaps around 30% of this figure at best and even less for junior counsel."
Mr. Walker suggested that four things needed to happen for Scotland to take advantaged of the opportunity being offered by the new legislation.
1) Embrace modern and internationally recognised methods of pleading in international arbitration and dispense with traditional Scots pleadings and technicalities.
2) Maintain a pool of well trained and able commercial lawyer arbitrators.
3) Recognise the quality, value, neutrality and convenience of the Scottish legal system.
4) Spread the word that arbitrations in Scotland can be conducted with greater speed and at lower cost than elsewhere.
"There is great potential for Scotland to position itself as a leading arbitration venue of choice. Scottish lawyers can (also) make good quality and highly cost-effective counsel in other jurisdictions.
"Our product is great, we have a huge competitive edge, but there is no point in keeping all of this to ourselves. We need to spread the word."
