Supreme Court judges like to see parties make an effort to settle their cases. Most mediators are voluntary and non-binding but parties may commit to binding arbitration, with or without ceiling/floor targets.
Mediators usually charge around $700.00 per party for four hours of mediation.
If you decide to participate, prepare your case like you were preparing for trial. You need the mediator to use your legal arguments to persuade the other side that you actually have a chance to win your case, and to win big, in front of a jury.
I would guess that 70% of mediations provide no settlement. If you find after an hour that the effort is futile, walk away. If you filed suit, you must have believed that you would win your case someday.
If you have questions or need help with mediation, give Doug Stoddart a call at (508) 243-4877.