The Centre for Effective Dispute Resolution (CEDR) today launched its Commission on Settlement in International Arbitration.
The new commission, which was launched at its first meeting at the Herbert Smith offices, will investigate ways of making arbitration more cost-effective and ways of settling disputes earlier.
A CEDR spokesman said: "International arbitration is attracting increasing amounts of criticism worldwide for being slow and expensive, with settlement rates reputed to be significantly lower than they are in most state commercial court proceedings."
The commission is to be co-chaired by Lord Woolf, the former Lord Chief Justice, and Schellenberg Wittmer partner Professor Gabrielle Kaufmann Kohler.
It will publish a white paper of its findings at an international conference next year.