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Hi Atharav,
As the name suggests, Arbitrators, are basically the one we refer to as Mid person.
When there are cases or clients who do not wish to knock at the door of the court, they rely on the statement of the arbitrator, who is a person who is well versed with LAW and is a completely biased person and is knowledgeable regarding the case.
In-case one of the concerned party feels dissatisfied, he then files a case with the court.
Arbitration specialties include construction, real estate, insurance and labor relations.
Earlier just a Grdaute degree with good communication skills and knowledge of the particular industry was sufficient, but these days companies stress on LAW degree to work as an arbitrator too.
Aspiring arbitrators who choose to prepare for this career by practicing law need to become licensed attorneys once they complete law school. State requirements vary, but licensure is usually achieved after earning a law degree, applying for admission to the state bar association and passing the bar exam. Others who hope to specialize in such industries as construction or real estate will also need state-issued licenses in order to begin acquiring work experience as real estate agents, contractors or architects
For more information, check the two weblinks mentioned below:
Check the following Institute for some courses related to Arbitration:www.arbitrationindia.com
Although I have not come across lawyers working as arbitrators, though there may be a few, I would request you to get in touch with a LAW gradute or professor of LAW and get further information.
As such I know of executives who are an MBA in HR / IR, who work as an arbitrator, in cases where issues crop up between Labour unions and management.
Hope this helps.
Wish you good luck................
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