GAR 100 - 16th Edition

Bullard Falla Ezcurra

Bullard Falla Ezcurra

Professional notice

The Peruvian boutique now has an office in Madrid

People in Who’s Who Legal2
Pending cases as counsel7
Value of pending counsel workUS$858 million
Treaty cases as counsel1
Third-party funded cases0
Current arbitrator appointments7 (3 as chair or sole)
Lawyers sitting as arbitrator1

This boutique was founded in Lima in 2000 by arbitrator Alfredo Bullard and former Shearman & Sterling lawyer Huáscar Ezcurra. It offers expertise in arbitration and competition law, with members of the firm having worked at Peru’s antitrust agency.

Bullard is one of the most recognisable names in Peruvian arbitration and led the commission that drafted Peru’s 2017 arbitration law.

A third partner, Milan Pejnovic, was promoted in 2023. He returned to the firm in 2018 after a year’s stint at Three Crowns in Washington, DC.

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


Besides its base in Lima, the firm announced the launch of an office in Madrid in 2022. It is managed by Bullard.

Who uses it?

The firm has acted for Argentina’s Pluspetrol, Chile’s Parque Arauco and Falabella, Italian construction company SICIM, Peruvian conglomerate InterCorp and Italian energy company Enel. The China International Water & Electric Corporation has also used it.

Track record

The firm has had good results for Pluspetrol Norte (a partnership between Pluspetrol and the China National Petroleum Corporation) in a pair of arbitrations against the Peruvian national oil company worth a combined US$550 million.

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

The firm has advised SICIM on pre-arbitration negotiations against a Peruvian company, winning a US$40 million settlement and averting planned proceedings before the Lima Chamber of Commerce.

Recent events

There was another victory for Pluspetrol Norte, with the firm winning an ICC award affirming that the client and its Korean consortium partners had validly terminated a licence agreement with Peru’s national hydrocarbons agency.

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

Bullard appeared as expert witness on Peruvian law for US hedge fund Gramercy in a long-running investment treaty claim against Peru over land bonds. The case concluded in late 2022 with a US$100 million award in the client’s favour.

He also appeared as expert for the Rutas de Lima consortium in an UNCITRAL arbitration against the Metropolitan Municipality of Lima, which concluded with a US$7.2 million award in favour of the consortium. The case over a toll-road concession saw all of Lima’s corruption allegations dismissed.

As arbitrator, Bullard is part of an ICC tribunal hearing a claim by Spanish construction group COPASA against Bolivia’s highway authority. Meanwhile at ICSID he is chairing a panel hearing a claim by a UK investor against Mexico relating to maritime transport services; and part of another panel hearing Canadian mining company Galway Gold’s claim against Colombia.

Bullard Falla Ezcurra + is an Arbitration Boutique seated in Perú and Madrid, active across Latin America and Europe. Our international arbitration practice is led by Alfredo Bullard, who oversees the Madrid Office, and Huáscar Ezcurra as head of the Lima Office. Clients and peers have recognized them as Global Elite Thought Leaders in the WWL Arbitration 2023 guide and as band 1 in the dispute resolution area for 15 years in a row by Chambers & Partners.

We have more than 22 years in the market. In the last ten years our grasp of international arbitration across Latin America has increased significantly. This work has led us to be certified, over the last 4 years, as one of the best arbitration firms in the world by GAR 100.  According to our clients: “They are one of the best firms in the region and they have nothing to envy of the international firms, they are extraordinary, and their teams has impressive experience” (Chambers, 2023).

BFE+ constantly represents clients in complex controversies, in both commercial and investment arbitrations, under the ICSID, ICC, and UNCITRAL Rules, etc. As counsels, we have experience representing clients from USA, Argentina, China, Colombia, Brazil, Italy, EL Salvador, etc., in controversies regarding investments, construction, energy, transport, oil & gas, among others. Our current portfolio exceeds USD 3 Billion in claims. Furthermore, our partners and senior associates act constantly as arbitrators both in international commercial and investments arbitrations.

We try to break paradigms in our international practice. Our team includes economists, and we have also worked with theater directors to improve our performance in hearings. In line with the expansion of our internationalization project, this year, we decided to strengthen the dispute resolution team by promoting Milan Pejnovic as a partner. Milan's solid professional and academic experience in the field of private international law and arbitration, will provide the firm's clients with a comprehensive advice on a wide range of issues.

Recent events

Alongside King & Spalding, the firm is acting for Argentine-Peruvian consortium Kuntur Wasi in an US$285 million ICSID claim against Peru.

The firm represents the General Prosecutor of El Salvador in several construction disputes being resolved through: (i) arbitrations administered by the ICC and the El Salvador Chamber of Commerce; and (ii) FIDIC Dispute Adjudication Boards.  Recently, the General Prosecutor of El Salvador obtained a favorable ICC award for approximately US$10 million in a construction arbitration against a Spanish contractor.

The firm also represents three important mall management and development companies in different disputes: one against a leading retail Chilean company; one against a Korean manufacturer related to the interpretation of an agreement; and one against a government agency.

BFE+ is also advising one of Peru’s key mining companies on different legal problems and it’s algo representing a Dutch oil & gas company in a dispute against the Peruvian Government.

As an arbitrator, Alfredo Bullard is chairing:

A claim brought against Mexico by a UK investor in its maritime transport sector; a claim under the Energy Charter administered by the Permanent Court of Arbitration brought against the Czech Republic by investors from Netherlands, Cyprus and Luxembourg; a multi-contract claim under two agreements regarding the development of a mining project administered by the ICC brought against Ecuador and an Ecuadorian public corporation by a Chilean public corporation; and a dispute between a Spanish electric company and a Mexican oil & gas company.

He is acting as a law expert witness for: (i) the American and Dutch investors of an mining company in two ICSID investment arbitrations and (ii) two concessions companies in three commercial arbitrations against the Municipalidad de Lima.

Alfredo worked as vice-chair of a commission established by CIAM to determine when and how to define an arbitration as international and was a ICC Court of Arbitration member; Huascar is a member of the Lima Court of Arbitration.


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