If you have ever opened an investment account, you likely signed a contract that required you to resolve disputes through arbitration before the Financial Industry Regulatory Authority. The University of Miami School of Law's Investor Rights Clinic recently took action to expand and diversify the local pool of FINRA arbitrators, hosting an event designed to raise awareness about the importance of having diverse arbitrators and drive more attorneys to serve as arbitrators.
In March, law students, legal professionals, and FINRA representatives gathered at the School of Law for "Becoming a FINRA Arbitrator," a recruitment event featuring networking opportunities, panel discussions, and insights into the FINRA arbitration process. The evening event offered attendees a comprehensive look at how they could contribute to investor protection while gaining valuable professional experience.
"We organized this event because arbitrators already provide a much-needed service to our clients and other investors," said Scott Eichhorn, director of the clinic. "But as the investing market evolves, and as barriers to entry are lowered and the demographic representation of retail investors changes, the pool of arbitrators must keep up."
The Investor Rights Clinic, staffed by law students under the supervision of experienced attorneys, provides free legal services to small investors with disputes against brokers or investment advisors. For these clients, many of whom come from underserved communities, FINRA arbitration represents their only avenue for seeking redress. Students get exposure to business law and gain valuable hands-on experience working on real cases, undertaking all aspects of client representation, including the intake, evaluation, and prosecution of investor claims.
FINRA representatives outlined the organization's role in securities regulation and dispute resolution during the panel discussion. They emphasized that becoming an arbitrator requires straightforward qualifications: five years of paid professional experience and two years of college credit, with no specific legal or securities background necessary.
The panel also included clinic alumnus Evan Dubow and current clinic interns, 3L Samara Spiler, and 2L Jackson Gillespie, who discussed their experiences with the clinic and the impact of arbitrator decisions on vulnerable investors.
"Serving on the panel was an excellent opportunity to explain—with examples—why the clinic and the investors it represents need skilled attorneys to serve as FINRA arbitrators," said Gillespie. "The attendees came prepared with lots of specific questions, and I hope that everyone walked away with a better understanding of the unfilled need for their expertise in the arbitrator pool."
The event attracted professionals from the South Florida legal community. Attendees participated in lively networking before and after the panel discussion, engaging directly with FINRA representatives and clinic staff.
"I was impressed with the turnout and overall interest in the FINRA arbitrator application process," said Spiler. "I think we student panelists emphasized the changing nature of the investment market and the necessity for fresh, varied representation in the arbitrator pool. I am hopeful that the event will yield new applications and new interest in helping these investors resolve their claims."
For the law students who organized the event, the evening represented months of planning and coordination.
"Working on this initiative gave us practical experience in addressing a real problem in the securities industry," said 2L John Rincon, a fellow at the clinic. "I think the strong turnout showed there is genuine interest in serving as arbitrators among professionals who may never have considered this opportunity."
"Seeing the growing interest from legal professionals in South Florida…fortified the belief that our future clinic clients will start to increasingly encounter arbitrator pools comprised of individuals who share similar experiences and backgrounds," said 3L Patricia Herrera, also a clinic fellow.
As the evening concluded, several attendees had already committed to completing arbitrator applications, taking the first step toward a professionally rewarding role in contributing to fair outcomes for all investors.
Adds Herrera, "Planning the inaugural event was a rewarding experience and I am grateful to have been able to assist the clinic in bringing the event to life."
Read more about Miami Law’s clinics.
