Stankovic & Partners Law Firm proudly co-organized the 2024 South Eastern Europe Arbitration Conference (SEEA) in Vienna, at the end of last month, a major event addressing pivotal trends and emerging challenges in international arbitration. We are happy to present to you its key topics and findings.

Managing Partner Nenad Stankovic took part as a panellist, alongside distinguished legal experts from across the region, delivering thought-provoking and insightful discussions on pressing issues such as cybersecurity, artificial intelligence, and Environmental, Social, and Governance (ESG) standards. It also included two keynote speeches, giving us deep insight to the upcoming activities of UNCITRAL in regards to arbitration and the challenges that need to be faced in arbitration in future times, as they are becoming inherent due to the inevitable utilization of AI models.

The conference, which attracted top arbitration practitioners and legal experts, offered a platform for networking and knowledge exchange, highlighting the increasing role of arbitration in resolving disputes within Southeast Europe (SEE). With 20 world-class speakers and panellists and over 90 participants, coming from 15+ countries, this event has paved the way for the consolidation of an elite and thought-leadership arbitration community in South East Europe. As the region continues to embrace arbitration, both as a method of dispute resolution and a business strategy, this event offered timely insights into the evolving legal landscape.

”The “S” element of “ESG” in arbitration must be reviewed in respect to arbitration selection, so as to make it more - rational. A closed circle does no one no good, and essentially, it detriments clients.” said Nenad Stankovic

SEEA 2024: A Pivotal Moment for Arbitration in SEE

The SEEA Conference provided participants with invaluable insights into the future of arbitration, particularly in Southeast Europe. As geopolitical shifts, technological advancements, and ESG standards continue to shape the region, arbitration will play an increasingly vital role in dispute resolution.

Expect Significant Changes in Arbitration

The conference closed with the message that significant changes in arbitration are expected over the next two years. UNCITRAL’s drive for technology integration, the potential for arbitration award appeal mechanisms, and discussions around AI regulation signal a rapidly evolving legal landscape.

Key Panel Discussions:

1. The Role of International Law, Treaties, and ESG in Investment Arbitration
2. Senior Partner Nenad Stankovic was part of an engaging discussion on how ESG standards are shaping investment arbitration. The panel addressed the growing scrutiny of investor behaviour, the challenges of enforcing ESG compliance, and the increasing relevance of transparency and fairness in arbitral proceedings. ESG compliance is now seen as a critical factor for investors and governments alike, with the panel predicting a rise in counterclaims related to ESG breaches.
3. Hot Topics in Arbitration in the SEE Region
4. A special focus was given to the increasing use of arbitration across the SEE region. Countries like Greece, Cyprus, Romania, and Serbia have already or are in the midst of introducing new arbitration-friendly rules, including rapid enforcement measures and the growth of smaller arbitration institutions. This trend underscores the region’s growing importance as a hub for arbitration, benefiting from a favourable legal and business environment.
5. Technology, Confidentiality, and Data Protection in Arbitration
6. This panel focused on the profound impact of new technologies and artificial intelligence on arbitration proceedings. Experts highlighted the critical importance of cybersecurity, noting that even a single vulnerability could lead to significant data breaches, underlining the urgency for legal professionals to adopt secure practices in the face of unprecedented technological advancements.
7. Monetising Awards: Valuation of Damages, Asset Tracing, and Case Funding
8. Discussions centred on the valuation of damages and the recovery of costs in arbitration proceedings. Key takeaways included the need for early, transparent communication between experts and a focus on maintaining realistic assumptions to avoid unachievable outcomes, particularly in complex arbitral decisions.

Organizers and Participants:

The event was co-organized by NSTLAW Stankovic & Partners in partnership with several legal experts from the region. Participants included prominent figures such as Deger Boden, Tatiana Minaeva, Anna Joubin-Bret, Andrej Savin, Dr. Ileana Smeureanu, Stevan Dimitrijevic, Weiger Wielinga and many others, all of whom contributed to the enriching discussions.

Importance of the Conference:

This year’s SEEA conference highlighted the significant geopolitical and regulatory shifts affecting international arbitration in Southeast Europe. The emergence of artificial intelligence and the increasing emphasis on ESG criteria present both challenges and opportunities for the arbitration community. Legal professionals must adapt to these changes to remain effective in managing disputes and protecting their clients' interests.

As arbitration becomes the preferred method of dispute resolution in the SEE region, conferences like SEEA play a crucial role in guiding legal practitioners through the evolving landscape.

Stankovic & Partners remains at the forefront of these developments and looks forward to next year’s conference, where more groundbreaking discussions and innovations will continue to shape the future of arbitration.

For more information, visit our website or contact Stankovic & Partners Law Firm.