Should you request attorney fees in FINRA arbitration? The conventional wisdom suggests it's a long shot—but the data tells a different story. Based on analysis of 7,808 FINRA arbitration cases from 2015-2024 (excluding expungement-only matters), 15.6% of prevailing parties received attorney fee awards. That's almost 1 in 6 cases.
Even more striking: in Member vs. Member disputes, nearly 1 in 4 prevailing parties (24.6%) receive attorney fee awards. If you're not requesting fees, you may be leaving significant money on the table.
The Reality: Better Odds Than You Think
Attorney Fee Award Frequency by Year (2015-2024)
The chart shows attorney fee award frequency has remained relatively stable over the past decade, ranging from 12.4% to 18.1%, with an overall average of 15.6%.
The Case Type Advantage: Where Your Odds Triple
Not all FINRA cases are created equal when it comes to attorney fee awards. The type of dispute dramatically affects your likelihood of recovery:
Attorney Fee Award Frequency by Case Type
Rank | Case Type | Total Cases | With Fees | Frequency |
|---|---|---|---|---|
| 1 | Member vs. Member | 3,485 | 856 | 24.6% |
| 2 | Associated Person | 64 | 14 | 21.9% |
| 3 | Customer vs. Member | 4,029 | 334 | 8.3% |
| 4 | Customer vs. Associated Person | 229 | 15 | 6.6% |
Member vs. Member cases are 3x more likely to result in attorney fee awards than Customer vs. Member cases (24.6% vs. 8.3%). This dramatic difference reflects several factors:
The Declining Trend: What's Happening?
While 15.6% is a robust frequency rate, there's been a notable decline from the 2019 peak:
- 2015-2019: Average frequency of 17.3%
- 2020-2024: Average frequency of 13.5%
If you have a theory why attorney fee award frequency has dropped in recent years, let us know at support@arbitrator-x.com.
Methodology & Data Notes
Data Source: FINRA arbitration awards database
Date Range: Cases with award dates between January 1, 2015 and December 31, 2024
Exclusions: 4,267 expungement-only cases (cases with expungement requests but no compensatory or punitive damage claims)
Get Started with ArbitratorX
Want to research which arbitrators are more likely to award attorney fees? Understand panel-specific patterns in fee awards by case type? Create your free ArbitratorX account to access detailed arbitrator reports, including fee award histories and case-type analytics.
Our platform provides the data-driven insights you need to maximize recovery for your clients.
Questions about attorney fee award frequency or need help with arbitrator research? Contact us at support@arbitrator-x.com.
Methodology notes: This analysis uses historical award data and may not predict future fee awards. Attorney fee awards are discretionary and depend on case-specific facts, applicable law, contractual provisions, arbitrator composition, and quality of fee documentation. Individual results will vary. This content is for informational purposes only and does not constitute legal advice.