The ICC International Court of Arbitration in Paris will host, for the first time in Romania, two events focused on discussing the available dispute resolution alternatives to litigation. Various ICC guests, lawyers from Ţuca Zbârcea & Asociaţii, Freshfields Bruckhaus Deringer and Dragne & Asociaţii, along with the extraordinary presence of the President of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania will be part of the speakers.

The city of Bucharest will host two days of events organized for the first time in Romania by the ICC International Court of Arbitration in Paris. Focus will be on facilitating the exchange of ideas and experiences between arbitration practitioners and any other party interested in finding out more about the diverse dispute resolution mechanisms available in the commercial world today.

On the 27th of September 2010, the ICC Young Arbitrators Forum together with Ţuca Zbârcea & Asociaţii will host the seminar Competence – Competence Principle – Recurring Issues, the first ICC YAF event ever organized in Romania. The seminar will provide a forum for young practitioners to discuss about current international arbitration issues and to enrich their network in the region.

Speakers at the inaugural ICC YAF seminar in Romania are: Alina Leoveanu, Deputy Counsel, ICC International Court of Arbitration, Paris; Radu-Bogdan Bobei, Chief Editor, Romanian Arbitration Review; Matei Purice, Associate, Ţuca Zbârcea & Asociaţii; Dan Cristea, Associate, Ţuca Zbârcea & Asociaţii. The event is free of charge but the number of participants is limited. More information regarding ICC YAF seminar can be found on the ICC website as well as on the event’s registration page.

On the 28th of September, the ICC International Court of Arbitration and Ţuca Zbârcea & Asociaţii, along with Freshfields Bruckhaus Deringer and Dragne & Asociaţii, will organize the first international ICC conference in Romania – Efficiency of Complex Dispute Resolution Clauses in the Current Economic Climate. The event will benefit from a list of distinguished speakers that will bring along the internal knowledge of the ICC International Court of Arbitration in Paris with the experience of practitioners involved in both local and international arbitration disputes. The conference aims at offering a practical approach in presenting the different dispute resolution alternatives in the current economic climate. The various debates that will take place during the conference will analyze concrete case scenarios, illustrating the different mechanisms for dispute resolution and the potential challenges involved.

Focus will be made on Initiating the arbitration under the ICC Rules; The role of dispute boards and the ICC system for dispute boards; Current dispute resolutions in construction projects; Conservatory measures in arbitration cases; Recognition and enforcement of the arbitration sentences in Romania.

Speakers at the inaugural ICC Conference in Romania are: Emmanuel Jolivet, General Counsel of the ICC International Court of Arbitration in Paris and Deputy Director of the ICC Dispute Resolution Services; Alina Leoveanu, Deputy Counsel of the ICC International Court of Arbitration; Philip Dunham, Partner, Dechert LLP, Paris; Viorel Mihai Ciobanu, President of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry in Romania; Cornel Popa, Partner, Ţuca Zbârcea & Asociaţii; Robert Roşu, Partner, Ţuca Zbârcea & Asociaţii; Ioana Hrisafi, Partner, Ţuca Zbârcea & Asociaţii; Boris Kasolowsky, Partner, Freshfields Bruckhaus Deringer; Roman A. Mallmann, Principal Associate, Freshfields Bruckhaus Deringer; Jane Davies-Evans, Counsel, Freshfields Bruckhaus Deringer; Ion Dragne, Managing Partner, Dragne & Asociaţii; Andreia Oana Dumitrescu, Partner, Dragne & Asociaţii.

The Efficiency of Complex Dispute Resolution Clauses in the Current Economic Climate conference has been sent for local CPD approval from the Bucharest Bar Association. More information regarding the first ICC Conference in Romania can be found on the ICC website as well as on the event’s registration page.

Business Review is the media partner of the two events.

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The arbitral tribunal of the International Center for Settlement of Investment Disputes (ICSID) decided to discontinue the proceedings in the case S&T Oil Equipment and Machinery Ltd. v. Romania in which the claimant sought compensations worth more than USD 150,000,000. It is the third favorable outcome obtained by the lawyers in Ţuca Zbârcea & Asociaţii in front of ICSID, in Washington D.C.

In May 2007, S&T Oil Equipment and Machinery submitted its request for arbitration against Romania alleging that the State would have unlawfully deprived it of its investment in Romania based on the provisions of the privatization agreement concluded in connection with Nitramonia SA Făgăraş.

Following the constitution of the arbitral tribunal in November 2007, the parties have then completed the written stage of the proceedings, by submitting two sets of written memorials each, supporting documents as well as several technical expert reports and valuation reports.

In June 2009, the ICSID arbitral tribunal requested an advance payment of USD 300,000 under ICSID Administrative and Financial Regulation to meet the costs to be incurred in the forthcoming proceedings. According to ICSID rules, each of the parties had to make half the requested advance payment within 30 days from the date of the request. Although Romania paid its part in the required advances within the deadline set by the tribunal, the required advance payment from S&T Oil Equipment and Machinery remained outstanding for a period in excess of 6 months. Noting that the proceedings have been stayed since October 2009, the arbitral tribunal issued an Order of Discontinuance of the Proceeding that was dispatched to the parties on the 16th of July 2010.  

„Romania has obtained, for the third time, a favorable decision in an ICSID arbitration case. Although proceedings have been closed for non-payment by S&T Oil Equipment and Machinery of the required advances on the arbitral costs, this decision marks, beyond any doubt, yet another victory for Romania. All in all, we stayed optimistic of our chances in this case and diligently completed all the procedural stages required by the Washington court in an international arbitration case”, stated Florentin Ţuca, Managing Partner at Ţuca Zbârcea & Asociaţii and one of the lawyers representing Romania for the third time in an ICSID case.

The attorney added that Romania’s defence team has identified solid arguments in favour of their client as well as some irregularities surrounding the privatization of Nitramonia SA Făgăraş which were imputable to S&T Oil Equipment and Machinery. “It is likely that the arguments we built have determined the claimant to give up fight by failing to pay the required funds”, concluded Florentin Ţuca.

Romania’s defence was ensured by teams from Ţuca Zbârcea & Asociaţii and White & Case US, with a wealthy experience in similar arbitral proceedings, basically the same team that secured Romania's success against Noble Ventures Inc. and EDF Services Ltd. Among the lawyers that represented Romania are Florentin Ţuca – Managing Partner, Levana Zigmund – Partner, Cristina Metea – Partner, Cornel Popa – Partner and Anca Puşcaşu, Managing Associate. The White & Case US team was coordinated by Abby Cohen Smutny – Partner and Derryl Lew – Partner.

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Ziarul Financiar and FinMedia recognised Ţuca Zbârcea & Asociaţii’s outstanding achievements in handling complex projects in various specialties and in successfully posting the largest turnover in the legal services market in 2009.

Ţuca Zbârcea & Asociaţii has won three out of the 15 awards presented during the Lawyers’ Gala event organized by Ziarul Financiar on the 16th of June. The firm was singled out for the work handled in 2009 in areas such as Litigation and Arbitration, as well as Energy. Also the firm was awarded for having posted the highest revenues in 2009, based on the rankings compiled by Ziarul Financiar.  

During another recent event, the Top Lawyers Gala, organized by Finmedia on the 14th of June, Ţuca Zbârcea & Asociaţii has received the largest number of distinctions based on the projects in which the firm was involved in 2009 in areas such as Litigation and Arbitration, Energy and Natural Resources, Mergers and Acquisitions and Finance & Banking. More so, Nistorescu, Şomlea & Asociaţii, which operates in association with Ţuca Zbârcea & Asociaţii, with offices in Cluj-Napoca, has received two special recognitions for the work handled in Litigation and Arbitration and Real Estate.

In the area of Litigation and Arbitration, the firm has received two awards for winning the most important litigation and arbitration case in 2009, based on the successful representation of Romania in the EDF Services Ltd. v. Romania international arbitration case with compensations being claimed in excess of USD 132,000,000 and initiated before the International Centre for Settlement of Investment Disputes (ICSID) in Washington D.C.

The transaction for the acquisition by CEZ of the minority shareholding held by Fondul Proprietatea and Electrica in CEZ Distribuţie and CEZ Vânzare also secured two awards granted by FinMedia and Ziarul Financiar for the largest Merger & Acquisition transaction of the year 2009 worth EUR 375,000,000, respectively the most important project in the Energy sector in 2009.

Another award in the Energy field was presented by FinMedia in recognition of the firm’s involvement in the drafting of successive amendments to the Law No. 220/2008 for establishing the promotion system for producing energy from renewable energy sources.

The successful completion of the merger through absorption between BCR Fond de Pensii and Omniforte, OTP Pensii and Prima Pensie was recognized by FinMedia as one of the most important projects in the area of Finance and Banking.

Lastly, Ţuca Zbârcea & Asociaţii was awarded for having posted the highest revenues in 2009, based on the rankings compiled by Ziarul Financiar.

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Chambers Europe singled out Ţuca Zbârcea & Asociaţii as the best Romanian law firm at the annual “Chambers Europe Awards for Excellence” ceremony held in London last week.

This year’s gala and awards ceremony honored those firms with outstanding performance over the past 12 months on the basis of the independent research carried out for the 2010 edition of Chambers Europe. The awards ceremony gathered more than 300 lawyers and in-house counsels from law firms and leading companies across Europe to reward the best law firms in 21 jurisdictions.

Ţuca Zbârcea & Asociaţii won the award for Romania against strong competition from 5 other independent and international law firms. The award recognises both pre-eminence and notable achievements over the past year, including outstanding work, impressive strategic growth and excellence in client service.

Joanna Thomas, Co-editor of Chambers Europe and Michael Beloff QC presented the award for Romania to Ştefan Damian, Deputy Managing Partner and Răzvan Gheorghiu-Testa, Partner at Ţuca Zbârcea & Asociaţii.

Commenting on the award, Ştefan Damian said: „It is an honor and a privilege to accept this award on behalf of the whole firm. I would like to extend our appreciation to Chambers for having recognised Ţuca Zbârcea & Asociaţii as the best law firm in Romania for the past year. This international recognition is testament to our team’s dedication and constant commitment to excellence, as well as to our clients’ permanent trust they have put in our team‘s abilities to serve their needs.”

A total of 23 law firms from Austria, Belgium, Czech Republic, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, United Kingdom, Ukraine were honored this year as being the best law firms in their respective jurisdictions. Also, a further of 11 special awards were presented to various leading international law firms.

For the past 20 years, Chambers & Partners has published the world’s leading guides to the legal profession and has built a reputation for in-depth, objective research. A “Law Firm of the Year” award of excellence represents one of the most prestigious accolades that can be won, based on independent industry peer research in 21 jurisdictions.

The “Law Firm of the Year” Award rounds off a successful 2009 year for Ţuca Zbârcea & Asociaţii. The firm has garnered a string of local, regional and international accolades, having been named the “Most Innovative Continental European Law Firm” in the Financial Times’ Innovative Lawyers Report 2009 and recognized as the Law Firm of the Year for the past four consecutive years. Also, it took the top spot in terms of financial performance, according to various local media reports, as it posted 22.7 million Euros in revenues.

With a team comprising 80 lawyers in the Bucharest office, Ţuca Zbârcea & Asociaţii is the sole Romanian independent law firm with a representative office in Spain. The firm opened a secondary office in Cluj-Napoca, one of Romania’s largest cities, in association with a reputed local law firm – Nistorescu, Şomlea & Asociaţii and enjoys excellent partnerships with various law offices throughout the country.

Details of all law firms nominated for the 2010 Chambers Europe Awards for Excellence can be viewed here.  

The full list of the 2010 Chambers Europe Awards for Excellence winners can be viewed here.  

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Ţuca Zbârcea & Asociaţii continues the summer internship program for 3rd and 4th year students and graduates of the Faculty of Law. Launched under the "Your Career Is Not In Crisis This Summer" label, the firm`s annual student recruitment program is coordinated by Cornel Popa, Partner at Ţuca Zbârcea & Asociaţii.

The summer internship program provides young students with the opportunity to integrate a dedicated team of lawyers and get an invaluable in-sight perspective on the firm`s legal advisory practice.

Furthermore, at the end of their summer internship, young students and graduates can pursue a career with Ţuca Zbârcea & Asociaţii and become members of our team.

According to Cornel Popa, up to 10 internship vacancies were offered in the previous years with the large majority of interns having continued to work with Ţuca Zbârcea & Asociaţii.

“We are looking for enthusiastic young people willing to evolve, who are fast learners, able to adapt quickly in a dynamic working environment and adhere to our firm’s core values and, above all, who are constantly concerned about delivering the highest possible quality and service to the clients”, said Florentin Ţuca, Managing Partner with Ţuca Zbârcea & Asociaţii.

Interested candidates are kindly asked to send their CVs and a letter of intent to ramona.samoila@tuca.ro by the 30th of April. Suitable candidates will be contacted for an interview.

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Ţuca Zbârcea & Asociaţii posted a significant rise in gross revenues from 18.5 million Euros in 2008 to 22.7 million Euros in 2009.

The figures do not include the income generated by its secondary office in Cluj-Napoca and neither the revenues obtained by the firm’s separate units of insolvency and intellectual property. Also, the figures do not include the amounts collected by Ţuca Zbârcea & Asociaţii on behalf of various project partners in its capacity as consortium leader, those amounts being paid to the respective partners.

According to the firm`s officials, approximately 85% from the reported gross revenues came from the private sector; the profit rate stood at a healthy 58%.

Ţuca Zbârcea & Asociaţii derived most of its revenues from Energy, Corporate/Commercial Law, Litigation and International Arbitration, Concessions and PPP/Infrastructure work.

The firm pointed to the comprehensive anti-crisis strategy it has introduced since the advent of the crisis as having a material impact on the revenue increase. “The firm's upbeat financial results were mainly strengthened by an effective and flexible policy that we put in place starting with the fall of 2008. Our strategy focused heavily on the quality of our work, and also on key drivers of profitable growth such as energy, infrastructure, restructuring and arbitration areas”, stated Florentin Ţuca, Managing Partner at Ţuca Zbârcea & Asociaţii.

“Another central topic on our agenda was the implementation of efficient cost-cutting measures, especially in regards to the firm’s operational costs. Also, we aimed at maintaining a healthy cash-flow balance and improved debt collection practices which resulted in a reduction of the high rate of arrears recorded in December 2008”, explained Gabriel Zbârcea, Managing Partner at Ţuca Zbârcea & Asociaţii.

The firm’s anti-crisis strategy consisted, among others, in the creation of a dedicated financial crisis response practice group (Crisis Knowledge Team), the setting-up of TZA Insolvenţă S.P.R.L. – a specialized division which handles the firm’s projects in this area, the strengthening of the busiest practice groups, as well as reshaping of the firm’s banking and finance practice group and the recruitment of Mihai Dudoiu.

Also, throughout 2009, the firm has successfully completed some high-profile mandates in the fields of energy, litigation and international arbitration, real estate and infrastructure. On the same note, the team of lawyers in Ţuca Zbârcea & Asociaţii has successfully completed financing projects and mergers and acquisition transactions worth more than 1.5 billion Euros.

“While the economic situation remains challenging, it is difficult to foresee an increase in revenues in 2010. To us, matching last year on total revenue would represent an outstanding performance”, pointed out Florentin Ţuca, Managing Partner at Ţuca Zbârcea & Asociaţii. 

The firm’s plans for 2010 include the strengthening of the recently opened representative office in Madrid, the strengthening of their regional presence with a focus towards the office in Cluj-Napoca. Also, the firm will focus increasingly on potentially lucrative sources of work, including by expanding the “repertoire” of services offered, and last but not least, will consolidate the team of lawyers.

Ţuca Zbârcea & Asociaţii’s positive growth dynamic over the past years has seen it become the number 1 law firm in Romania in terms of financials.The firm has garnered a string of local, regional and international accolades, having been named the Most Innovative Continental European Law Firm in the Financial Times’ Innovative Lawyers Report 2009 and recognized as the Law Firm of the Year for the past four consecutive years.

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Ţuca Zbârcea & Asociaţii has been acknowledged as the “Law Firm of the Year” – Romania in “Men of the Year Awards 2009”. The award was presented by Nine O’Clock daily in recognition of the firm’s innovative ways of adapting to the new economical and financial context and nonetheless for its international success demonstrated by the opening of a representative office in Madrid.

“We are delighted to win this award which acknowledges our commitment to achieving success and offering excellent services to our clients in an ever-changing and increasingly complex business environment, on both local and international level”, said Florentin Ţuca, Managing Partner with Ţuca Zbârcea & Asociaţii.

According to the firm’s Managing Partner, Ţuca Zbârcea & Asociaţii has implemented a medium-term plan which included the development of the Crisis Knowledge Team (CKT) and the setting-up of a specialized insolvency unit - TZA Insolvenţă S.P.R.L., as well as developed a long-term strategy to better serving its clients, the first step being the opening a representative office in Madrid. The firm has formed a strategic alliance with the former Ambassador of Spain to Romania - HE Juan Pablo García Berdoy y Cerezo, and Jaime Fúster Rufilanchas, former Managing Partner with Garrigues CEE.

The winners in the various categories of the “Men of the Year Awards” have been decided by a carefully selected jury of consultants and industry experts. The "Men of the Year Awards" have reached their 19th edition, and are aimed to identify and recognize excellence in business, diplomacy as well as politics. Other important awards categories have included: Bank/Banker of the year, Insurer of the Year, Businessman of the year, Foreign investor of the year, Romanian diplomat of the year, Foreign diplomat of the year etc.

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Ţuca Zbârcea & Asociaţii has become the first Romanian law firm with presence in Spain after it opened a representative office in Madrid to match the increasingly global needs of Iberian investors.

The move will position the Romanian independent law firm to provide a superior level of personalised service to a high net worth Iberian investors doing business in Central and Eastern Europe, especially in Romania.

Ţuca Zbârcea & Asociaţii sets footprint in Western Europe in association with notable figures of the Spanish diplomatic – HE Pablo García-Berdoy, former Ambassador of Spain to Romania and legal community – Jaime Fúster Rufilanchas, former Managing Partner with Garrigues CEE. Acting as local independent consultants under the Fúster García-Berdoy brand, the duo will bring a unique combination of local and international expertise and unparalleled knowledge about foreign trade and international business law which will be of immense benefit to existing and potential future clients.

“Spain has been one of the most dynamic investors in Romania in the last years but there are many opportunities to come. Our recent experience in the EU will, for sure, accelerate this process. We are pleased to form a strategic alliance with the most dynamic law firm in Romania which we hope will foster stronger business relations between Spain and Romania”, said Pablo García-Berdoy, former Ambassador of Spain to Romania and Partner with Fúster García-Berdoy. 

The representative office will serve as a local hub in helping Iberian investors do business in Romania, by acting as a point of contact for clients active internationally while also providing first-hand facts and information about key regulations and standards in Romania.

“There was a clear client-driven-need to open in Madrid. Spain and the entire Iberian region are strategic markets for us and our decision is a natural extension of the firm’s already strong presence in Romania. Investors will benefit from a potent mix of global outlook and local expertise and a powerful combination of the individual and collective expertise of our Spanish and Romanian teams”, said Florentin Ţuca, Managing Partner with Ţuca Zbârcea & Asociaţii.

Ţuca Zbârcea & Asociaţii and Fúster García-Berdoy also unveiled a plan to act actively to support the Iberian and Romanian business community through a set of business events and networking opportunities. A first of such a series of events was held in Madrid on the opening day, focusing mainly on the available investment opportunities in Romania in the light of the economic and financial turmoil.   

Ţuca Zbârcea & Asociaţii and Fúster García-Berdoy will provide services in areas such as corporate and commercial, mergers and acquisitions, energy, banking and finance, infrastructure (PPP/PFI and concessions) and real estate. 

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