July 21, 2014
It seems to me that lawyers who represent investors or claimants are quintessentially "public" arbitrators because they do not work for the industry, but for members of the public at large who assert claims against the industry. While many of these persons likely have extensive experience with securities laws and financial markets, they approach arbitration disputes from the perspective of the public or the individual investor and are not paid by financial institutions. In contrast, lawyers who represent the industry make a living from being hired and directly paid by member firms and are properly classified as non-public.