Private mediators have created a lucrative niche in recent years on the strength of their ability to resolve financial disputes more quickly and cheaply than the courts. Now come a couple of New York attorneys with a settlement mechanism so simple, quick and cheap that it could make a flesh-and-blood mediator weep.

Called, it is a Web-based service that compares numbers placed confidentially on the virtual table by the claimant and the insurer. If the two figures are within $5,000 or 30 percent of each other, a message pops up on the screen announcing, “Congratulations, you have a settlement,” splitting the difference between the two sides. If the offers aren’t within reach, neither party learns what the other had in mind, so neither will lose leverage in further negotiating.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]