Cosmin Vasile

Zamfirescu Racoţi Vasile & Partners

Bucharest www.zrvp.ro

cosmin.vasile@zrvp.ro Tel: +40 21 311 05 17

Biography

Dr Cosmin Vasile has extensive experience of more than 20 years in handling cross-border disputes and boasts an outstanding track record of around 100 international arbitration proceedings as counsel and arbitrator, conducted under various laws and sets of arbitration rules, including ICC, LCIA, CAM, SCC, VIAC, UNCITRAL, ICSID and CICA. He is one of the leading experts in construction, capital markets, privatisation and energy arbitrations in Romania, and provides assistance to a broad spectrum of companies, institutions and authorities.

I have been a disputes lawyer from the beginning of my professional life, but I started my career as a traditional litigator. When I first came across international arbitration, while working on a large commercial case, I discovered the ingredients that, I felt, had been missing in litigation, such as the advocacy edge, the cross-cultural experience, the diversity of backgrounds, etc. The first arbitration case sufficed to change the trajectory of my career and marked the start of my international arbitration practice. I have, since, had the opportunity to be counsel and arbitrator in some of the most spectacular arbitrations involving Romanian parties among others. However, litigation experience has broadened my horizons in arbitration disputes and often worked to my advantage.

What qualities make for a successful arbitrator?

Successful arbitrators combine strong case management skills with legal wisdom. On a practical level, it is important to know one’s limits and accept only as many appointments as can be handled properly.

What did you find most challenging about entering the world of international arbitration?

As a practitioner from Eastern Europe, the most challenging task was gaining the trust of users who had previously relied on the expertise of western practitioners. A trend that I am proud to have contributed to is that Romanian practitioners are increasingly becoming a preferred choice for users from the region.

What is your take on virtual hearings as an alternative to in-person hearings? Are they here to stay?

Hybrid and virtual hearings are the biggest reinvention of the covid-19 pandemic. The arbitration community will continue using these tools. For some hearings, they are just the best option. However, practitioners who have had at least several virtual and hybrid hearings during the pandemic will agree that the virtual environment is not an equal alternative to physical presence. Technology often fails or cannot provide immediate solutions. The question is whether the trade-off is worth it. Most clients who opt for international arbitration, especially in larger and fact-intensive cases, still want to have their “day in court” as they used to have it before the pandemic. I personally hope that the future hearings will be physical hearings. As to costs, some virtual and hybrid hearings turn out to be not as cheap as in theory, considering the need for specialised providers, technical equipment, etc. I believe the virtual and hybrid hearings are here to stay, but the enthusiasm for them will fade away, at least for a while.

How does your experience assisting clients in a wide range of sectors enhance your arbitration practice? How do you ensure you develop indepth sector knowledge?

My primary focus in international arbitration cases is on construction, energy, environmental and M&A disputes. These sectors are currently the most prolific in arbitration work in Romania and in the region. However, I like a good intellectual challenge and cases in new industries or involving novel legal issues.

To what extent has the international arbitration community met the challenge of improving diversity in recent years?

As a practitioner whose career took off when the international arbitration community was just starting its quest for diversity, I appreciate the steps that have been taken so far in promoting gender, geographical and age diversity. Some arbitral institutions and organisations took a leap forward. In my view, the most important shift in perspective is that there is now accountability at the level of these bodies as to the process they put in place to achieve diversity and inclusion, and the results. A couple of years ago, a lack of or insufficient diversity was a concern. Now achieving diversity is an action plan for a variety of organisations.

What advice would you give to up-and-coming practitioners hoping to one day be in your position?

In an era of changes, there are no safe recipes for success. Young practitioners should be creative and dare to do some things differently than before. The only caveat is that professionalism, quality work and consistency have always been difference-makers in international arbitration.

What are the current challenges of arbitrations in the region?

Until recently, the main concern was balancing the use of technology and innovative approaches with due process considerations and reliability of arbitration as a means of resolving disputes. As of February 2022, the war in Ukraine places international arbitration in front of new challenges. It remains to be seen to what extent the tensions in the region will affect arbitration and what we can do to uphold international arbitration as an effective means of resolution of disputes.

Peers and clients say: “An expert in the field of international arbitration” “He is a result-oriented lawyer with commercially sound judgment” “Cosmin is a very experienced arbitrator and counsel” “He clearly understands the client’s commercial goals and is an excellent tactical thinker”