It is universally accepted that commercial litigation is in urgent need of reform. The two most significant problems are the escalating costs of getting a case to trial and the time it takes to complete a case.
In relation to costs, even modest claims cost the parties hundreds of thousands of dollars and large claims involve millions of dollars in costs. Most commentators say that the cost of discovery has become most burdensome. In many cases it the single largest cost incurred in the preparation of the case. In addition, the practice that was introduced some twenty years ago of requiring parties’ evidence to be tendered in the form of witness statements has significantly added to the costs.
In relation to time, no doubt the complexity of transactions that now come before the court has resulted in commercial trials that can last weeks and months whereas in the past most commercial cases could be dealt with in two or three days. Cases cannot be made less complex, but judges can control the conduct of a case to a much greater extent thereby ensuring efficiency.
To address the issues of costs and delay the Federal Court has introduced a new ‘Fast Track List’. The List came into effect from 1 May 2007, in the Victorian District Registry of the Court as a pilot.
There has been extensive consultation concerning the new Fast Track List with the profession. The Court will monitor the implementation of the new List closely. A Notice to Practitioners – Directions for the Fast Track List has been developed which outlines the procedures for the List.
Three Judges have been allocated to the Fast Track List - Justices Finkelstein, Middleton and Gordon.
