Meet the mediator, have a coffee and settle in.
The mediator meets the other side.
If everyone agrees, have a meeting with you, your lawyers and the other side.
Talk privately to the mediator about the case and maybe consider options for settlement.
Mediator talks privately to the other side about options for settlement.
Repeat steps 4 and 5 and start exchanging offers.
Sign a binding agreement in the agreed settlement terms and go home.