Milbank Tweed – as well as being one of the classic Wall St names – these days has an award-winning Asian practice and offices in China and Singapore. John McCloy, one of the firm’s name partners, acted for the US multinational oil companies on the arbitrations that followed the nationalisations in Libya. It’s continued to appear regularly in the commercial arbitration world.
- Pending cases as counsel:
- Value of pending counsel work:
- US$13.2 billion
- Treaty cases:
- Current arbitrator appointments:
- 6 (of which 2 are as sole or chair)
- No. of lawyers sitting as arbitrator:
The practice is also now sought out for investment law advice. It is currently acting for a US hedge fund affected by nationalisations in Venezuela. Mongolia is another major client, having previously represented the state in an ICSID claim brought under the Energy Charter Treaty (which eventually settled), the firm is now defending a series of claims brought by Russian and Chinese mining investors together worth more than US$1 billion.
As the GAR 100 went to press, Milbank secured one of the most eye-catching wins of the year on behalf of German airport group Fraport. The firm acted as part of a team (alongside K&L Gates, King & Spalding and Shulman Rogers Gandal Pordy & Ecker) that persuaded an ICSID ad hoc committee to annul an award in favour of Philippines. The committee found that Fraport had been denied the right to address key evidence submitted by the Philippines (represented by White & Case alongside local counsel). The Philippines plans to submit the claim to a fresh arbitration. The Milbank partner who led the team in the Fraport case, Michael Nolan, was appointed to the board of the American Arbitration Association in May. The firm has recently strengthened its team in London with the addition of two partners from DLA Piper – Tom Canning and Julian Stait.