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One of the myth's of arbitration is that a person can do it without a lawyer. But the broker and the brokerage always have lawyers prepare and present their cases. The lawyers are always experienced and knowledgeable counsel, in the particular area of stock broker and investment losses. But, FINRA and the stock brokers say, well, maybe you don't need a lawyer. Part of this is an attack on the value of lawyers by trying to say that they don't contribute much, just take their fees. But think about it: do you really think you can go head to head with a lawyer, who has years of experience, in the specialized field of stock losses and arbitration, especially when the money lost is your own? It doesn't make sense to give the other side every advantage.
Recently, we saw one of the saddest things. A senior citizen who sort of knew that she needed a lawyer to help on the losses of her entire life savings (2 million dollars) but who was relunctant to pay a lawyer the value of the work. Arguing on her own, this person lost everything. Everything. She was a zebra to the lions.
