FINRA Arbitration Timeline: How Long a Case Takes
The stages of a FINRA customer case, the deadlines the rules set for each, and what FINRA’s own statistics say about how long cases take to close.
The honest answer to how long a FINRA arbitration takes is that it depends on the size of the claim, whether it is heard on the papers or at a hearing, and whether the parties settle. But the rules set fixed deadlines for several stages, and FINRA publishes how long cases actually take. This page puts the two together so an investor knows what to expect before filing. Every rule and figure cited was read on finra.org on 17 September 2026.
Industria Business Lawyers represents investors in FINRA arbitration nationwide. FINRA is a national forum, and under FINRA Rule 12208 a party may be represented there by an attorney admitted in any U.S. state.
Every matter is reviewed on its own facts, and IBL gives an estimate for the specific claim once it has read the documents rather than a general figure.
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What FINRA's Statistics Say
FINRA Dispute Resolution Services publishes turnaround times for closed cases. The figures below are FINRA’s, read on its statistics page on 17 September 2026, and cover all cases closed in the period, customer and industry together.
2026, year to date: 13.8 months overall
Cases closed in 2026 through the latest month FINRA reported took 13.8 months on average from filing to close. Cases decided after a regular hearing took 16.2 months. Special proceeding decisions took 6.3 months and paper decisions 5.3 months.
2025: 13.5 months overall
Cases closed in 2025 took 13.5 months on average. Regular hearing decisions took 15.7 months; special proceeding decisions 6.8 months; paper decisions 5.0 months.
2024: 12.0 months overall
Cases closed in 2024 took 12.0 months on average, the shortest of the three years FINRA currently displays.
Why hearing cases take longer
A case that goes to a full hearing passes through every stage below: answer, panel selection, discovery, motions, scheduling around three arbitrators and the parties, and then the hearing itself. Cases that settle at mediation skip the last two.
Why small claims close faster
Under FINRA Rule 12800, claims of $50,000 or less are decided by a single arbitrator on the papers unless the customer requests a hearing. Paper decisions are the fastest category in FINRA’s statistics.
What the averages do not tell you
An average includes cases that settled in three months and cases that took two years. The stages below, and the deadlines the rules attach to them, are a better guide to any one case.
The Stages, and the Deadlines the Rules Set
Several stages have fixed deadlines in FINRA’s Code of Arbitration Procedure for Customer Disputes. The rest depend on the panel’s calendar and the parties.
Before filing: eligibility. Under FINRA Rule 12206, a claim is not eligible for arbitration once six years have passed from the occurrence or event giving rise to it. Preparing the claim itself, gathering the statements and communications and drafting the Statement of Claim, typically takes weeks, not months, once the documents are in hand.
Filing. Under FINRA Rule 12302, the claimant files a Submission Agreement and a Statement of Claim with the Director and pays the filing fee. The Director then serves the respondents.
The answer: 45 days. Under FINRA Rule 12303, each respondent must serve its answer within 45 days of receiving the Statement of Claim. Extensions are sometimes agreed, but this is the first fixed deadline in the case.
Panel selection. FINRA sends arbitrator lists after the answer is due; the parties rank and strike, and the panel is appointed. Under FINRA Rule 12401 the panel is one arbitrator for claims up to $50,000, one unless the parties agree to three for claims up to $100,000, and three above that.
Discovery: 60 days from the answer date. Under FINRA Rule 12506, each side must produce the documents on FINRA’s Document Production Lists within 60 days of the date the answer is due. Additional requests, objections, and motions follow, and this is the stage where the schedule most often stretches.
Mediation. Voluntary and usually scheduled once discovery has produced the documents each side needs to value the case. Many customer cases resolve here, which is why the average case closes well before the average hearing case.
The hearing. Set by the panel at the initial prehearing conference, typically months out to accommodate three arbitrators, counsel, and witnesses.
The award: 30 days to pay. Under FINRA Rule 12904, a monetary award must be paid within 30 days of receipt unless a motion to vacate is filed in court, and it bears interest if it is not. The grounds for vacating an award are the narrow ones in the Federal Arbitration Act, which the Supreme Court held exclusive in Hall Street Associates, L.L.C. v. Mattel, Inc., 552 U.S. 576 (2008).
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Tell Us About Your Matter
How IBL Keeps a Case Moving
Documents First +
The statements, confirmations, and communications gathered before the claim is drafted, so the Statement of Claim is complete when filed and discovery starts from strength.
Deadline Calendar +
The 45-day answer, the 60-day production, and every panel-set date tracked from the day of filing.
Panel Selection +
Lists ranked and strikes exercised promptly so the panel is appointed without delay.
Discovery Enforcement +
Document Production Lists enforced on time, and motions to compel filed when the firm’s production falls short, because discovery delay is where cases lose months.
Early Mediation Where It Fits +
Mediation proposed as soon as the documents support a valuation, rather than on the eve of the hearing.
Hearing Readiness +
Witnesses and exhibits prepared in advance so a hearing date, once set, is kept.
Award and Collection +
The 30-day payment rule enforced, and an unpaid award confirmed in court and collected.
FAQ
01 • FINRA Can a FINRA case settle before the hearing?
Yes, and many do. Settlement can happen at any stage, and mediation is the usual point. FINRA’s overall average of 13.8 months in 2026 reflects many cases that closed before a hearing.
02 • FINRA Does a bigger claim take longer?
Usually. Claims over $100,000 go to a three-arbitrator panel under Rule 12401, and scheduling three arbitrators, counsel, and witnesses for a hearing takes longer than a single arbitrator deciding a small claim on the papers.
03 • FINRA What slows a case down most?
Discovery disputes and hearing scheduling. Both are managed by staying on the rule deadlines and moving to compel when the other side does not.
04 • FINRA How long after the award do I get paid?
Under FINRA Rule 12904, a monetary award must be paid within 30 days of receipt unless a motion to vacate has been filed, and it bears interest if it is not.
05 • FINRA Where do the statistics come from?
FINRA Dispute Resolution Services publishes them on finra.org. IBL read the figures on this page on 17 September 2026 and updates the page when FINRA posts new ones.
Talk to a FINRA Arbitration Attorney
Investors nationwide. Call (202) 860-1210 or send your statements and a short description of what happened through the form. Every matter is reviewed on its own facts.
This page provides general information about FINRA arbitration and does not constitute legal advice. Reading it does not create an attorney-client relationship. Last reviewed 17 September 2026. Sources: FINRA Dispute Resolution Services statistics page, finra.org, read 17 September 2026; FINRA Rules 12206, 12208, 12302, 12303, 12401, 12506, 12800, and 12904; Hall Street Associates, L.L.C. v. Mattel, Inc., 552 U.S. 576 (2008).