The Legal 500

An acknowledged leader in the field of international arbitration, Debevoise & Plimpton fields a ‘highly professional team’, admired for its ‘sumptuous yet succinct submissions’. The firm advises on the most complex disputes and counts multinationals, sovereign states, international organizations, and non-governmental bodies among its enviable client list. It is one of the few practices which combines investment treaty arbitration, general commercial dispute resolution and strong public international law experience with a global footprint. The international dispute resolution team’s experience includes acting on long-term energy concessions; bilateral investment treaties (BITs); joint venture and distribution agreements; shareholder disputes; power and energy disputes; construction and engineering projects; insurance and reinsurance matters; political risk disputes; sovereign debt; intellectual property; international manufacturing and supply disputes; and public international law. Lawyers from the team have significant experience appearing before a wide range of tribunals including the International Court of Arbitration of the International Chamber of Commerce (ICC), International Center for the Settlement of Investment Disputes (ICSID), the Inter-American Commercial Arbitration Commission (IACAC) and the London Court of International Arbitration (LCIA). Clients are impressed with its ‘instinct for knowing what the tribunal wants and then working hard to help get the answers we are looking for’. The practice was recently successful in a $3.5bn Russian shareholder dispute on behalf of Norilsk Nickel. Donald Donovan is ‘one of the world’s leading practitioners in both investment treaty and commercial arbitration’, while David Rivkin is ‘a brilliant lawyer and tactician’. Mark Friedman and Catherine Amirfar are highly regarded by clients and peers alike.

‘First-class’ and ‘top of the range’, Freshfields Bruckhaus Deringer LLP has a large dedicated international arbitration team with extensive experience in investor state work, large commercial disputes and public international law. The practice’s clients include the Government of Canada, the Government of Guatemala, National Grid, Pan American Energy and BG Group. The ‘large, hard-working team’ appears regularly before the world’s major tribunals. The practice is acting for the Government of Romania on the defense of a $500m claim commenced by multiple claimants under the Sweden/ Romania BIT, arising out of changes in Romania’s fiscal regime brought about by its accession to the European Union. It is also representing the Turkish state in a $11bn ICSID claim brought under the Energy Charter Treaty by a Cypriot company alleging the expropriation of an investment it claims to have made in the power sector in Turkey. On the investor side, the firm is acting for ConocoPhillips Company and several Dutch subsidiaries in an ICSID arbitration against Venezuela in connection with the expropriation of three major oil investments collectively worth in excess of $30bn. It is also active in several large construction disputes. Nigel Blackaby heads up the US international arbitration group and is highly regarded by clients. Lucy Reed ‘has a rare ability to spot the important trees in the forest and leads by example’, while Brian King is ‘organized, efficient, and strategic with an uncanny ability to bring out the most important factual and legal details for any case’. Alex Yanos displays ‘great attention to detail and fidelity to the client’s interests’.

King & Spalding LLP’s traditional area of expertise is disputes relating to the energy sector, but the firm’s arbitration practice has grown in recent times to cover a broader remit. 2010 saw the opening of a new office in Singapore as well as the arrival of Guillermo Aguilar-Alvarez, formerly head of international arbitration at Weil, Gotshal & Manges LLP. Clients, including Coca-Cola, ExxonMobil, European Foods, Murphy Oil and KBR, say the firm’s ‘overall service, commitment to clients and work product is unparalleled’. The team’s expertise spans both commercial arbitration and investment treaty arbitration, and covers a broad array of industries including pharmaceutical, chemical, biotechnology, airline, construction, infrastructure and utility, hotel and tourism, banking, telecoms, real estate, mining, taxation and insurance. The practice is representing Chevron in a second arbitration concerning a breach of contract and denial of justice claim in which the arbitral tribunal issued in March 2010 a partial award and decided that Chevron was entitled to approximately $700m in principal damages plus interest, with further proceedings pending to determine potential tax issues. The partial award represents one of the largest ever by an investment-arbitration tribunal. In the ICSID case of Teinver v Argentina, the firm is representing the claimant in a dispute arising under the Spain - Argentina Bilateral Investment Treaty concerning Argentina's nationalization of two Argentine airlines and their subsidiaries. The amount in dispute is in the range of $400-600m. Co-head of the international arbitration group Doak Bishop is ‘one of the most knowledgeable investor-state arbitration attorneys practicing today’. Edward Kehoe leads the practice on the East Coast, and is described as ‘excellent and client-focused’. John Bowman is also highly regarded.

With a ‘stellar reputation’ for providing clients with ‘outstanding service’, White & Case LLP’s international arbitration team is highly regarded by both clients and peers. The practice has a strong track record in investor-state work and has acted for both commercial entities and sovereigns. Industry experience includes acting on aviation, communications, pharmaceutical, defense, IT, manufacturing, media, energy and real estate matters. The practice acted for the investor in CSOB v Slovak Republic, an ICSID arbitration relating to CSOB’s restructuring. After defeating two rounds of jurisdictional objections raised by the Slovak Republic, the firm obtained an award of $877m for its client, the largest ICSID award on record. The firm defended the Republic of Peru in a landmark ICSID case relating to an energy infrastructure project, the victory notable in the light of Peru losing a related arbitration brought under a similar contract with different legal representation. In Plama v Bulgaria, the practice was successful in acting for the Republic of Bulgaria in the first Energy Charter Treaty case to go to a merits award at ICSID, by persuading the tribunal to adopt an innovative interpretation of the ‘Most-Favored Nation’ clause. The firm is currently representing approximately 180,000 Italian holders of Argentine sovereign bonds in a $4.4bn ICSID claim under the Argentina-Italy BIT. This is the largest case against Argentina, involving a mass claims procedure unprecedented in both Latin America and international arbitration. Paul Friedland heads up the firm’s international arbitration group; clients appreciate his ‘intelligence and ability to identify important points rapidly’. Abby Cohen Smutny is highly regarded for her ‘virtually unrivalled knowledge of state responsibility and investment treaty protection’.

Energy and insurance work are at the heart of Covington & Burling LLP’s international arbitration work, as part of a broader practice which encompasses high level commercial work and investor-state disputes. Clients describe the firm’s work as ‘truly outstanding in terms of its ability to prepare and present extremely complicated cases lucidly and persuasively’. The practice is acting for ExxonMobil in ICC and ICID arbitrations against the Republic of Venezuela and its state-owned oil company in relation to expropriation of assets and other acts of the Venezuelan government. These two related cases are among the largest and highest-profile commercial and investor-state arbitrations currently pending in the world. In Rovime Inversiones et al v Russian Federation (the Yukos case), the firm is acting for Spanish investors in Yukos Oil Company in a Stockholm Chamber of Commerce arbitration in connection with the Russian government’s liquidation of Yukos. This arbitration was brought under the Spain-Russia Bilateral Investment Treaty and presents an important test case for Yukos-related claims ultimately worth approximately $10bn. On the commercial front, the practice is acting for Norfolk Southern Corporation in an arbitration concerning an insurance claim in regard to a major 2005 train derailment and chemical release in South Carolina, one of the worst train accidents in US history. Thomas Johnson and Allan Moore are co-heads of the international arbitration group, described by clients as ‘international advocates of exceptional quality’. For insurance-related cases, William Skinner is ‘a very intelligent advocate whose oral presentations and cross-examination are of the very highest calibre’. Oscar Garibaldi is also well regarded.

With a mixture of high-end commercial matters and investor-state work, clients are impressed by the ‘practical and results-oriented approach’ taken by the international arbitration team at Hughes Hubbard & Reed LLP. The firm is acting on behalf of holders of sovereign debt issued by the Republic of Argentina under five different sets of governing agreements relating to Argentina’s default on $115bn of its debt in December 2001, when the government issued a moratorium on further payments of principal or interest on its sovereign debt, making it one of the largest sovereign defaults in history. Since the issuance of the moratorium, Argentina has failed to make any payments of principal or interest, thereby breaching the governing agreements. The firm has obtained judgments against Argentina in six of the actions so far; its clients include, among others, BNP Paribas with claims of over $250m, and other banks and investment firms with holdings in the hundreds of millions. In total, the actions filed by the firm seek over $900m in principal owed under the bonds. The practice also successfully represented American Bureau of Shipping (ABS) by having a $1bn dollar case brought by the Kingdom of Spain dismissed in what was described as ‘the largest law suit in maritime history’. John Townsend, co-head of the firm’s global arbitration practice, is ‘smart, practical and able’, while John Fellas is also highly regarded. Steven Hammond impresses with his ‘remarkable insight into legal matters, enormous experience and legal knowledge’.

Deemed ‘outstanding’ by clients, Shearman & Sterling LLP’s core competence is in high-level commercial work, though the firm is developing its investor-state expertise. The firm’s US practice had a particularly strong year in joint venture and construction disputes, while geographically the firm experienced continued strong growth in Africa, the Middle East and Eastern Europe. The practice is acting for a North American industrial company as claimant in an ICC arbitration in London against a Middle Eastern State enterprise arising out of the failure by the respondent to close a petrochemical joint venture. The case is valued at $4.6bn. The firm is also representing three European chemical companies in an ICC arbitration in Geneva against the European subsidiaries of a large North American chemical concern. The dispute arose from a joint venture agreement formed to manufacture a product used for the production of nylon; over $1bn is at stake in the case which is governed by French law. On the investor-state side, the practice was retained by the Republic of Benin to represent it in a dispute with a consortium of contractors in relation to the development and expansion of port facilities in Benin. The port project is being funded by a grant issued to the state by the Millenium Challenge Corporation, a United States government agency created to provide aid to developing countries. Jonathan Greenblatt, Henry Weisburg and Christopher Ryan are the key contacts.

A leading player in international trade matters, Sidley Austin LLP’s arbitration practice is heavily weighted towards large investor-state matters. The firm’s lawyers advise companies and governments in disputes arising under international trade agreements and investment treaties under, among others, the International Centre for Settlement of Investment Disputes (ICSID) and United Nations Commission on International Trade Law (UNCITRAL) rules. The practice also represents parties in state-to-state disputes under NAFTA and the WTO agreements. Clients are impressed with the firm’s ‘extensive and unmatched knowledge of international trade rules and investment treaties’. The firm has acted for the Republic of Costa Rica on a number of matters, including a case brought by 135 Canadians who had invested in what turned out to be a Ponzi scheme. The arbitral tribunal dismissed the case in May 2010 on jurisdictional grounds, holding that the Canadians’ investments were not made in accordance with Costa Rican law because the scheme itself was illegal. The firm is also representing the Republic of Turkey defending against the claims of a Dutch company under the Energy Charter Treaty and the Netherlands-Turkey BIT in connection with a power plant that was never constructed. The practice represents the investor in HICEE B.V. v Slovak Republic, an UNCITRAL case filed by a Dutch investor in the Slovak health insurance market in December 2008 under the Netherlands-Slovakia bilateral investment treaty. The dispute centers on changes in Slovak laws that now prevent health insurance companies from operating on a for-profit basis. On the commercial side, the practice acted for a Russian company in an ICC arbitration against a German company for a breach of an engineering contract to build a chemical plant. Daniel Price is ‘enormously talented’ and impresses clients with ‘strategic, cutting-edge thinking’. Stanimir Alexandrov provides ‘excellent, thoughtful analysis’, while Jennifer Haworth McCandless is ‘extremely astute and detail-oriented’.

Sullivan & Cromwell LLP’s main focus is on high-end commercial matters, but the firm also has significant experience in investor-state matters, including a focus on Latin America. Clients say the practice is ‘first-rate in every way’. Clients include AB InBev, Exxon, Goldman Sachs, Microsoft, Occidental Petroleum and Telefónica. The firm is acting for the claimant in a dispute between a Cyprus-based company and an Eastern European government agency arising from Kyoto Protocol projects to reduce greenhouse gas emissions. The case, being heard at The Hague, is the first dispute to be arbitrated under the Permanent Court of Arbitration’s Optional Rules for Arbitration of Disputes Relating to Natural Resources and/or the Environment. On the financial services side, it is representing a European-headquartered bank in ICDR arbitrations of claims by Latin American investors arising out of the $60bn Madoff Ponzi scheme, as well as advising a foreign-owned private pension fund manager in connection with Argentina’s nationalization in December 2008 of approximately $30bn in pension fund assets. Work in the mining sector includes acting as counsel to a project company in a $4bn project in an African country, with regard to ‘creeping expropriatory’ measures taken by the sovereign. In Latin America, the practice is advising a US owner of significant mining assets in Venezuela in connection with actions by the government inconsistent with Venezuela’s grant of the mining concession, including with respect to arbitration claims against the state and potential political-risk insurance claims. The international arbitration team is headed up by Joseph Neuhaus, who clients describe as ‘supremely talented’.

Arnold & Porter LLP’s core areas of expertise are the energy, telecommunications and government concessions sectors; the practice has had significant success acting for Latin American sovereigns. Clients are impressed with the firm’s ‘record of success’ and say its ‘prestige makes who to use an easy decision’. Eli Whitney Debevoise rejoined the firm as a partner in April 2010 after being appointed as US executive director at the World Bank in 2007 by the Bush administration. The practice recently achieved a significant victory on behalf of the Republic of Chile, obtaining a full dismissal of a $797m claim asserted by the claimants in the Revision phase of an ICSID dispute, brought under the Spain-Chile BIT. In the energy field, the firm is acting for EDF in an ICSID arbitration against Argentina, which involves claims of $260m. The dispute arises from an investment in the electricity distribution sector in the province of Mendoza in Argentina, and the claims were asserted under the France-Argentina and Luxembourg-Argentina bilateral investment treaties. In Europe, the practice is acting for the Republic of Hungary in an ICSID dispute under the multilateral Energy Charter Treaty, arising from Hungary’s efforts to restructure its electric power sector in the wake of its accession to the European Union. Paolo Di Rosa heads up the practice group and is recommended. Jean Kalicki is also a noted practitioner.

Strong on international trade and customs matters, Baker & McKenzie’s expertise lies in large commercial arbitrations, although the firm is beginning to develop its investor-state practice in emerging jurisdictions including Russia, Brazil and China. Clients say the international arbitration team is ‘excellent, knowledgeable and professional’. The practice is acting for the Brazilian state-controlled oil company in a dispute with KBR arising out of one of the largest offshore engineering, construction and procurement projects ever undertaken and concerns a turnkey Engineering Procurement and Construction Contract (EPC Contract). The value of the case is $200m. The firm is also acting for Weatherford Kopp in connection with a dispute regarding the construction of Baku-Tbilisi Ceyhan Crude Oil Pipeline Project in Turkey. Grant Hanessian heads up the firm’s international arbitration practice in North America and is described as ‘impressive’. Managing partner of the Chicago office Michael Morkin is also recommended.

Energy work is at the heart of Baker Botts L.L.P.’s international arbitration practice, though the firm also has significant expertise in financial services matters. Clients say ‘the level of service is excellent’. The firm is acting for a major oil company providing global coordination of numerous arbitration and other disputes. The practice coordinates with local and international law firms around the world including in the UK, USA, Netherlands, Ireland, Jersey, Armenia, BVI and several other jurisdictions. In the Yukos case, the firm is representing The Russian Federation in defending claims brought by various investors in the Yukos Oil Company for alleged violations of a bilateral investment treaty. The amount in dispute is not quantified, but claimants’ counsel has represented that the proceeding is a test case for approximately $10bn in claims. The matter is pending under the Stockholm Chamber of Commerce. On the manufacturing side, the firm is representing a large Korean company in an enforcement action involving an arbitral award in excess of $100m. Jay Alexander and Michael Goldberg are co-heads of the international arbitration practice and are recommended. Jennifer Smith displays ‘excellent temperament and organizational skills and provides outstanding insight’.

Peers say the international arbitration team at Cleary Gottlieb Steen & Hamilton LLP contains ‘great lawyers’ and is a ‘tough opponent’. The firm has a strong mix of sovereign and commercial clients. On the state side, it has acted for Argentina, Russia, the Republic of Slovenia, the Dominican Republic, the Republic of the Congo, Japan, Sierra Leone and Iraq. Commercial clients include Citigroup, Bancomext, Nortel, SKY Italia and ArcelorMittal. The practice is acting as counsel to the Republic of Argentina in an ICSID claim brought by bondholders under the Argentina-Italy bilateral investment treaty. The claims allege unfair and discriminatory treatment and expropriation and seek billions of dollars in damages. It is the first attempt to pursue a mass claim – more than 180,000 claimants in a single proceeding – in an ICSID arbitration and also involves a novel attempt to use investment treaty arbitration to challenge a sovereign bond default. The firm is also acting for the Russian federation regarding the Yukos Oil Company case. On the commercial side, representative matters included acting as counsel to ArcelorMittal in an ICC arbitration commenced by Kaiser Netherlands under Austrian law, relating to the construction of a mill in the Czech Republic. Jeffrey Rosenthal and Howard Zelbo are the names to note.

Fulbright & Jaworski LLP is a major player in international arbitration relating to the oil and gas and energy sectors, reflecting the firm’s Texas roots. Clients include Nigerian National Petroleum Corporation, Nova Scotia Power, Técnicas Reunidas and Yukos Oil Company. The practice acted successfully for Duke Energy International Peru Investments in an ICSID arbitration proceeding against the Government of Peru. The dispute concerned the alleged breach by the government of a legal stabilization investment agreement and the breach of international law with respect to the investment by the government as a result of improper assessment of various taxes. The firm also achieved a good result for Nigerian National Petroleum Corporation (NNPC) in a $1bn case involving claims and allegations of bribery and arbitrator misconduct. The firm secured a final judgment on behalf of NNPC upholding a favorable arbitral award; the judgment has now been affirmed on appeal. Mark Baker heads up the firm’s international arbitration group and is ‘impressive’. Matthew Kirtland and Kevin O’Gorman are also recommended.

Providing clients with ‘insightful opinion and advice’ Paul, Hastings, Janofsky & Walker LLP international arbitration practice covers investment treaty (both bilateral and multilateral) arbitrations, political risk insurance matters, commercial disputes as well as enforcement of arbitral agreements and awards. The firm currently represents the Republic of the Philippines in a dispute arising out of a 1997 Build-Lease-Transfer Agreement between Metro Rail Transit Corporation and the Philippines. The arbitration concerns the building, leasing, operation, and transfer of a light rail system in the greater Manila area. Each side alleges failures by the other under the agreement, the amount in dispute exceeds $2.5bn. Proceedings were initiated in 2008 under the UNCITRAL arbitration rules and a tribunal has been constituted. On the insurance front, the firm is acting for a major international insurer in connection with a subrogated $500m claim against a South American sovereign pursuant to a bilateral investment treaty. The arbitration is proceeding before ICSID. Christopher Dugan heads up the group and is recommended; Joseph Profaizer is also a name to note.

Clients describe the international arbitration team at Simpson Thacher & Bartlett LLP as ‘exceptional in all aspects’; the practice has particular expertise in insurance-related disputes. On the sovereign side, it acted for the Dominican Republic achieving a favorable resolution to the first ever investment treaty arbitrations launched against it, as well as a parallel arbitration under the ICC Rules. The backdrop to the disputes was the wave of privatization which swept Latin America in the 1980s and 1990s. The firm also acted as co-counsel for Oil Basins Limited, a Bermuda corporation, in an international arbitration proceeding against the world’s largest mining company BHP Billiton Limited, Esso Australia, and related Australian entities. On October 2010, the latest tribunal issued its award in favor of Oil Basins Limited in the second round of arbitration in this long-running case. Peter Thomas has a ‘formidable international reputation in complex arbitrations’. Robert Smit is also highly regarded.

With a mixed practice which covers both top-level commercial arbitration and investor-state work, Skadden, Arps, Slate, Meagher & Flom LLP’s industry expertise extends to sectors as varied as power and energy, metals and mining, oil and gas, construction, banking, manufacturing, telecommunications and securities. The practice is representing a Brazilian corporation in a $200m arbitration involving a dispute under a Stock Purchase Agreement as well as acting for a Kuwaiti company in a dispute over payments under various service contracts valued at over $40m. It is also representing the Peruvian buyer of a major cement company’s interest in Chile in post-closing claims valued at $100m against the seller for violations of the purchase agreement. Work for states includes advising the provincial government of a NAFTA member state in connection with an investor that has threatened to bring NAFTA arbitration claims against the national government of that member state. John Gardiner heads up the practice and is highly regarded by clients and peers alike. Timothy Nelson is also a name to note.

While smaller than some of its competitors Boies, Schiller & Flexner LLP has represented clients in arbitral proceedings all over the world in front of forums such as the ICC, LCIA, UNCITRAL, ICSID, AAA, NASD and in ad hoc arbitration. Large commercial disputes are where the practice excels, though it does have some experience in investor-state work. The practice won a settlement on behalf of its client Homestore in an AAA arbitration of a contract termination case against AOL that provided over $57m in cash concessions. It also represented Grupo TMM, a Mexican railroad and transportation company, in obtaining a $54m recovery against Kansas City Southern in an indemnification dispute in AAA ICDR arbitration. Managing partner Jonathan Schiller is the key contact.

Large commercial disputes are at the heart of Fried, Frank, Harris, Shriver & Jacobson LLP’s international arbitration practice. Clients are impressed with the firm’s ‘experience, knowledge and skill’. Construction, aviation and energy are sectors where the firm has significant expertise. The practice is acting as counsel to Basari Electronik in multiple ICC arbitrations in Helsinki and Istanbul against a large Scandinavian telecom equipment supplier in a $120m case. The firm is also representing a major European aircraft manufacturer in a commercial arbitration before the ICC. The dispute involves cross claims of breach of contract by both parties and is valued at $100m. Elliot Polebaum heads up the practice and is recommended.

Gibson Dunn has particular expertise in large commercial disputes in the energy and mining sectors. The practice is acting for Chevron in a BIT arbitration against Ecuador as well as representing Brazilian mining company MMX, in a $30m commodities dispute arbitrated under the ICC Rules. In the Yukos case, the firm is acting for Yukos Capital and obtained judgment to force the opposing side Rosneft to provide $600m in security in February 2010. Laurence Shore head of the practice and John Behrendt are recommended.

Large commercial arbitrations is the area where Latham & Watkins LLP is strongest. The firm’s expertise extends to disputes involving joint ventures, post-acquisition liability under share purchase agreements, insurance claims, reinsurance disputes, licensing and intellectual property, engineering and construction involving large-scale infrastructure projects, long-term purchase agreements, political risk insurance, as well as in a wide range of contentious and non-contentious public international law matters, including issues arising in the context of government concessions and expropriation. The practice is representing the world’s leading company in the design, certification production and marketing of an advanced technology for commercial and business aircraft in an ICC arbitration arising under a cooperation agreement with one of the leading manufacturers of business aircraft. The amount in dispute is over $100m. Mark Beckett heads up the practice and is recommended.

Clients are impressed by the ‘impeccable service’ afforded by the international arbitration team at Paul, Weiss, Rifkind, Wharton & Garrison LLP. Large commercial disputes and insurance matters are areas in which the firm excels. The practice is acting for Invar International in a Swiss arbitration against a Turkish partner concerning a joint venture to build two power plants in Moscow. It also represents a southeast asian mining joint venture involved in a significant dispute with the government, concerning required divestitures. Moses Silverman is ‘a brilliant lawyer who displays excellent knowledge’.