Sometimes in life, people suffer significant investment losses since their broker decided to go against FINRA rules and regulations. By seeking the services of an arbitration attorney, investors can recoup illegitimate losses by a process known as FINRA arbitration.
Through FINRA arbitration, millions of dollars belonging to individuals and other institutions can be recovered. An arbitration attorney will review your case to see whether your claim is viable or not. You cannot get compensation if the money was lost due to a market risk or simply by bad luck. The attorney has to prove that it is due to the broker’s negligence that the money was lost.
After the case is deemed viable, your attorney will present to you the available options. Once you choose the path to take, you will file a claim against the broker. In case your broker refuses to cooperate, you will be advised to take legal action. Your attorney will then help you prepare for arbitration.
FINRA arbitration compensation is final so it is imperative that you hire a skilled lawyer.
On that note, below are a few questions you should ask before hiring an arbitration attorney.
· Do they focus solely on securities law?
For the sake of your case and to get the maximum compensation, hire an attorney who is conversant with FINRA cases and has relevant case experience on the same. The attorney should at least have a few years experience representing individuals and other corporates in securities fraud cases.
The attorney should also be knowledgeable on any developments in the securities industry.
· Do they have a solid reputation?
Reputation is everything to an attorney irrespective of their field. A good FINRA arbitration attorney should have a great reputation that has been built over years of practicing securities law. He should have represented many cases and recovered a good amount of money for their clients.
· Have they handled a case such as yours?
Apart from ensuring you hire a lawyer with vast knowledge and experience, you should make a point of hiring a lawyer who has experience in handling cases similar to yours because not all FINRA arbitration cases are the same.
Most often than not, an arbitration case will involve several allegations and all these allegations will vary dramatically. This is the reason why hiring an attorney with experience in similar cases is crucial.
· Is the attorney straightforward?
Not every arbitration case revolves around fraud or negligence. Yes, the broker may have acted fraudulently but unfortunately, the facts can prove otherwise. In such a case, your attorney should be straightforward and honest about whether the case is viable or not.
A great lawyer will be realistic with their client. They will avoid delivering false hopes or unrealistic promises in order to be hired. They will, also, give their client a fair and accurate assessment of their case, the legal options available (if any) and what to expect during the arbitration process.
· Is the attorney passionate about their job?
An arbitration attorney should have a great passion in what they do. They should be able to take pride in what they do and have a commitment in fighting for the rights of their client.