Arbitrators
Overview
Introduction
Arbitrators are impartial parties who hear and decide disputes between two or more opposing parties in a non-judicial setting. They are typically retired judges, attorneys, or business professionals who have expertise in a particular field—such as finance, construction, shipping, or insurance. Others have backgrounds in engineering, scientific research and development, or health care. According to the Department of Labor, approximately 7,060 arbitrators, mediators, and conciliators work in the United States.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Arbitrators, mediators, and conciliators earned median annual salaries of $71,540 in May 2023, according to the U.S. Department of Labor (USDL). Ten percent of this group earned $35,960 or less, while the top 10 percent made $152,730 or more. The USDL reports that arbitrators, mediators, and conciliators earned the following mean annual salaries by employer:
- local government agenci...
Work Environment
Arbitrators work in offices or meeting rooms, or they travel to a neutral site that has been selected by the parties that are seeking arbitration services. There are pros and cons to this career. On the one hand, many arbitrators find this occupation rewarding because of the constantly changing caseload and the opportunity to render a judgment that helps the plaintiff and defendant avoid a cost...
Outlook
Job opportunities for arbitrators and the related careers of mediator and conciliator are expected to increase by 5 percent from 2022 to 2032, according to the U.S. Department of Labor (USDL). This is faster than the average for all careers. “Arbitration and other alternative dispute resolution methods often are quicker and less expensive than trials and litigation,” according to the USDL. “In ...