GAR 100 - 14th Edition

Bullard Falla Ezcurra +

Bullard Falla Ezcurra +

Professional notice

Acting in a US$285 million ICSID claim against Peru

People in Who's Who Legal2
Pending cases as counsel5
Value of pending counsel workUS$950 million
Treaty cases as counsel2
Third-party funded cases0
Current arbitrator appointments10 (4 as chair or sole)
Lawyers sitting as arbitrator1

This Peruvian boutique was founded in 2000 by arbitrator Alfredo Bullard and former Shearman & Sterling lawyer Huáscar Ezcurra, offering expertise in both arbitration and competition law – its lawyers include former members of the Peruvian Antitrust Agency. Bullard is one of the most recognisable names in Peruvian arbitration, and led the commission that drafted Peru’s 2017 arbitration law.

It practises both commercial and investment arbitration, advising Peruvian and international clients.

Who uses it?

The firm represented Argentina’s Pluspetrol in a pair of arbitrations in relation to an oil block in Peru. Other high-profile clients include Peruvian conglomerate Intercorp and a subsidiary of Italian energy company Enel.

Outside Latin America, the China International Water & Electric Corporation has instructed Bullard Falla Ezcurra for an ad hoc arbitration against a Peruvian regional government.

Track record

In 2015, the firm helped an Enel subsidiary to defeat the bulk of a US$10 million claim by Electroperú, the Peruvian national energy company, over a power purchase agreement.

For Peru’s NG Education Holdings Corp, the firm defeated a US$75 million claim over an alleged breach of a stock purchase agreement. The tribunal granted the client all of its counterclaims.

In 2019, the firm won a pair of favourable awards for Pluspetrol Norte against the Peruvian National Oil Company (PNOC). First, in a complex US$250 million UNCITRAL arbitration it obtained an award that confirmed its client’s position and granted its costs; separately, the firm secured a favourable award in a US$300 million dispute over a licence agreement for an oil block before the Inter American Commercial Arbitration Commission.

It also helped Brazilian-owned La Virgen secure a favourable award in a US$80 million ICC dispute over a hydroelectric power plant in Peru.

Recent events

Alongside King & Spalding, the firm is acting for Argentine-Peruvian consortium Kuntur Wasi in an US$285 million ICSID claim against Peru over a concession to build and operate an airport for tourists travelling to Machu Picchu.

It represented engineering company Sicim Spa Sucursal del Perú in pre-arbitration negotiations against a Peruvian company, winning a US$40 million settlement and averting planned proceedings before the Lima Chamber of Commerce.

As an arbitrator, Bullard is chairing a claim brought against Mexico by a UK investor in its maritime transport sector. He also appeared as a Peruvian law expert witness for Gramercy Investments in its US$1.7 billion UNCITRAL arbitration against Peru.  

The firm’s members have continued to contribute to international thought leadership in arbitration. Bullard is vice-chairing a commission established by the Madrid International Arbitration Centre to determine when and how to define an arbitration as international; he and Ezcurra acted as two of Peru’s national rapporteurs for an IBA toolkit on the insolvencies of parties to arbitration.

Client comment

A company using the firm for various arbitrations in the last five years says that Bullard is “a star, and a local and international recognised figure”.

Ezcurra “shines in cross-interrogation”, while Bruno Doig is “a solid and very dedicated support for them”.

Bullard Falla Ezcurra + is an Arbitration Boutique seated in Perú, with activity across Latin America. Our international arbitration practice is leaded by Alfredo Bullard and Huáscar Ezcurra. We more than 20 years in the market and in the last five years our grasp towards international arbitration across Latin America has increased significantly, being recognized by our clients: “they are among the best, if not the best, arbitration outfit in Latin America. They are really distinguished in international arbitration, like a US or UK firm” (Chambers & Partners); “the practice 'exceeds any expectations an in-house counsel may have when hiring top-notch law firms in high-profile cases'” (Legal 500).

Our firm constantly represent clients in complex controversies, in both commercial and investment arbitrations, under the ICSID, ICC, and Uncitral Rules, among others. As counsels, we have experience representing clients from US, Argentina, China, Colombia, Brasil, Italy, EL Salvador, among others, in controversies regarding investments, construction, energy, transport, oil & gas, etc. Our current portfolio including activity as counsels, arbitrators, and legal experts, exceeds USD 3 Billions in claims. Furthermore, our partners also act constantly as arbitrators or legal experts both in international commercial and investments arbitrations. Senior partner Alfredo Bullard regularly acts as arbitrator in major international arbitrations.

We try to break paradigms in our international arbitration practice. Our team includes economists and we have also worked with theater directors to improve our performance in hearings. We focus very much in details to provide our clients multidisciplinary yet precise solutions. We have a multi-cultural team of 10 lawyers and two economists, from Perú, Colombia and Europe, with experience working in Law firms from South America, US and Europe. We are able to provide our clients a deep and sophisticated legal analysis, but also a cultural understanding of their controversies.


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