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GAR 100 - 11th Edition

Slaughter and May

04 April 2018

Defending Repsol against a US$5 billion SIAC claim by a Chinese partner

Pending cases as counsel 19
Value of pending counsel work US$7.5 billion
Treaty cases 0

Slaughter and May’s international arbitration practice grew out of contentious work done by the firm in the 1980s, notably work on a case relating to the high-profile Westland Helicopters affair that split Margaret Thatcher’s cabinet. In the following decade, it advised Standard Chartered Bank in matters arising from the Bombay Stock Market scandal when employees from the bank’s Mumbai office illegally diverted funds to speculate.

Two key figures in the practice, Nick Archer and Nick Gray, have since retired from the firm (Archer in 2015 and Gray two years later). The practice is now co-led by James Stacey and recently promoted partner Damian Taylor. Other names to know in London are Efstathios Michael and Richard Swallow.

The firm prides itself on eschewing the “star” culture of many arbitration groups, instead providing the right team for the job drawn from nine partners who practise in this area and its “best friends” network. It makes regular use of barristers.

Network

Slaughter and May works in conjunction with a group of five other European firms. The “best friends” network includes Italy’s BonelliErede, France’s Bredin Prat, Dutch firm De Brauw Blackstone Westbroek, Germany’s Hengeler Mueller and Spain’s Uría Menéndez – all of whom feature in the GAR 100. The network has 32 offices in 15 jurisdictions.

In Asia, Slaughter and May was the first City firm to establish a presence in Hong Kong, in 1974. It also has an office in Beijing, which opened in 2009. Arbitration work in the region is led by partner Mark Hughes. In Europe, it has offices in London and Brussels.

Who uses it?

Slaughter and May is said to advise more London Stock Market, FTSE 100 and FTSE 250 clients than any other firm in the UK but it is reluctant to name names.

Clients that are on the record include the UK’s Standard Chartered Bank, Kazakhstan’s ForteBank (formerly known as Alliance Bank), German power utility RWE, Spain’s Repsol, Swedish financial group SEB, Sociedade de Fomento Industrial (a major Indian exporter of iron ore), Cable & Wireless, Orange, Siemens and Rolls-Royce.

Track record

In 2015, the firm helped RWE to settle a multibillion-dollar LCIA arbitration against the UAE’s Dana Gas and Crescent Petroleum. The dispute, which related to operations in Iraqi Kurdistan, was described by The American Lawyer as the largest contract-based arbitration in the world. The firm also advised RWE in its successful defence of a US$1.4 billion claim by Russia’s Sintez Group.

The firm earned a “disputes deal of the year” award from India Business Law Journal in 2012 after it won an ICC award for Indian ore exporter SFI in a dispute with state-owned Pakistan Steel Mills Corporation that raised challenging economic and political issues. It also helped to enforce the award in Canada.

It represented ForteBank, one of Kazakhstan’s largest banks, in a billion-dollar fraud claim against former shareholders that played out in English court litigation and related arbitrations. As part of that dispute, the firm obtained the enforcement of a US$600 million LCIA award in the Cypriot courts.

Slaughter and May helped Malaysia’s YTL Power Generation win US$125 million in an UNCITRAL claim against Malaysian state oil and gas company Petronas in 2015 in a dispute over gas payments lasting nearly two decades. The case was heard in Kuala Lumpur by three retired UK Supreme Court justices.

The firm also secured an award in favour of a Central Asian state-owned bank in a US$600 million ICC arbitration with another financial institution concerning a billion-dollar fraud.

Recent events

The firm is reportedly defending a Canadian subsidiary of Repsol in a US$5 billion SIAC claim brought by China’s Sinopec concerning an investment in a Scottish offshore oil venture. Another client is a Hong Kong-listed energy company in an arbitration with a US multinational.

Kevin Warburton relocated to the Hong Kong office.

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