How long does a FINRA arbitration case take from filing to final award? The conventional wisdom says "it depends"—but the data reveals a more definitive story. Based on analysis of 10,699 cases filed between 2015 and 2023, FINRA arbitration cases now resolve in an average of 12-14 months, with consistent and predictable timelines.
We analyzed every FINRA arbitration case filed between 2015 and 2023 that reached a final award to understand case duration patterns. The results show remarkable consistency—with important implications for legal strategy, arbitrator selection, and client expectations.
The Modern Reality: 12-Month Case Timelines
Average FINRA Case Duration by Filing Year (2015-2023)
Note: 2024-2025 data excluded from analysis as the majority of cases filed in these years have not yet reached resolution.
The chart shows remarkable consistency: average case durations have held steady between 341-489 days (11-16 months) across this entire period, while steadily decreasing. The shaded bands show standard deviation—notice how they narrow over time, indicating not just consistent averages, but more predictable timelines for individual cases. The vast majority of all cases (68%) fall within one standard deviation of the mean.
Year-by-Year Breakdown: Consistent Timelines
Case Durations by Filing Year (2015-2023)
Year | Cases | Mean (days) | Median (days) | Std Dev | Min | Max |
|---|---|---|---|---|---|---|
| 2015 | 887 | 489 | 427 | 301 | 26 | 2167 |
| 2016 | 1042 | 443 | 387 | 285 | 87 | 2153 |
| 2017 | 1126 | 426 | 332 | 318 | 46 | 2467 |
| 2018 | 1401 | 379 | 283 | 286 | 58 | 1970 |
| 2019 | 1226 | 432 | 280 | 341 | 60 | 2041 |
| 2020 | 1747 | 371 | 277 | 253 | 71 | 1969 |
| 2021 | 980 | 353 | 272 | 228 | 44 | 1553 |
| 2022 | 960 | 362 | 298 | 206 | 43 | 1357 |
| 2023 | 1330 | 341 | 298 | 170 | 63 | 1030 |
Key observations:
- Consistency: Average durations stay within 341-489 day range (11-16 months)
- Declining variability: Standard deviation drops from 341 (2019) to 170 (2023), showing increasing predictability
- Median vs. Mean: Medians consistently lower than means, indicating some long-tail cases pull the average up
- Volume stability: Case volumes remain robust (887-1,747 cases per year), with 10,699 total cases analyzed
Understanding Variability: Why Do Some Cases Take Longer?
While the average case now resolves in ~12 months, individual cases can vary dramatically. Look at 2023:
- Fastest case: 63 days (2 months)
- Slowest case: 1,030 days (2.8 years)
- Standard deviation: 170 days
This means that roughly 68% of cases fall between:
- 171 days (Mean - 1 Std Dev) = 5.7 months
- 511 days (Mean + 1 Std Dev) = 17 months
⚠️ Outliers Still Exist
Even in the modern era, some cases take 2-3+ years to resolve. These outliers often involve complex discovery, multiple parties, or procedural challenges that extend timelines significantly.
Factors That May Extend Duration:
- Case complexity - Multiple parties, complex financial products, extensive damages
- Discovery disputes - Contested document requests, expert witness battles
- Arbitrator availability - Scheduling conflicts, panel member replacements
- Settlement negotiations - Extended mediation or settlement discussions
- Procedural motions - Dispositive motions, discovery motions, extension requests
Factors That May Accelerate Duration:
- Simplified disputes - Clear facts, limited parties, straightforward claims
- Cooperative parties - Agreed-upon discovery, minimal procedural disputes
- Expungement cases - Often streamlined single-arbitrator proceedings (pre-2023)
- Strong case management - Proactive arbitrators who enforce schedules
Implications for Arbitration Strategy
The data on case duration trends has practical implications for how attorneys and parties approach FINRA arbitration:
1. Set Realistic Client Expectations
For cases filed today, expect:
- Most likely outcome: 9-15 months to award
- Fast-track cases: 6-9 months (simple disputes, cooperative parties)
- Complex cases: 18-24 months (multiple parties, extensive discovery)
2. Arbitrator Selection Considerations
Faster case timelines mean arbitrators who are efficient, decisive, and good at case management are more valuable than ever. Look for:
- Strong case management history - Arbitrators who enforce schedules
- Reasonable discovery rulings - Balance completeness with efficiency
- Timely award issuance - Some arbitrators take months to draft awards after hearings
3. Strategic Timing Decisions
The decrease in duration variability (narrower standard deviation) means:
- More predictable planning - Easier to forecast when cases will resolve
- Budget certainty - More accurate legal fee projections
- Settlement leverage - Both sides can better assess time-to-trial pressure
Methodology & Data Notes
Data Source: FINRA arbitration awards database
Sample Size: 10,699 cases with both filing dates and award dates
Date Range: Cases filed between January 1, 2015 and December 31, 2023
Duration Calculation: Days from filing date to award date
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Methodology notes: This analysis uses historical award data and may not reflect cases currently pending. Duration measures filing date to award date, not hearing date to award date. Individual case circumstances vary significantly—consult with qualified legal counsel for case-specific advice.