There is no requirement for you to be represented by an attorney in the arbitration. But you should realize that the large brokerage company would typically have teams of lawyers working for them in their legal departments. The brokerage company and broker may often also retain an outside law firm to vigorously defend their interests. If you appear without legal counsel you will find yourself at a severe disadvantage and by the legal representation of the opposition. A customer should consider retaining a qualified attorney or at least consult with an attorney prior to the filing of the claim. Since arbitration is binding and final, it will be too late for an investor to go to a lawyer after losing the arbitration, even if he failed to assert important points as a result of an ineffective effort to represent himself.