Laura Cózar

Accuracy

Madrid www.accuracy.com

laura.cozar@accuracy.com Tel: +34 660634256

Biography

Laura is a partner at Accuracy.She specialises in the infrastructure and energy sectors and her experience spans 20 years. Laura has advised corporations, investors, lenders and the public sector in the structuring, financing, development and acquisition of over 50 multi-billion-dollar PPP projects worldwide. She has worked as an economic expert in over 40 investor–state and commercial arbitration cases involving transport, water, O&G and energy projects, in disputes arising mainly from contractual breaches, regulation changes, post-M&A issues and construction overruns.

What do you enjoy most about your role as an infrastructure and energy expert?

Undoubtedly, landing a new case – when I start diving into it, understanding the issues and the different angles from which I can approach it. Lawyers and clients value that I bring my perspective as an adviser to arbitration cases. In practice, that means I can put myself in the shoes of the investor, the lender, the state and so on to figure out what the expectations and decision process would have been at inception. I enjoy that the most.

What was the biggest challenge that you faced when you started your career?

At the beginning of my career, when analysing an investment opportunity, I identified an issue that had been overlooked by the client and would have put the deal at risk. I was terrified to present my findings to my boss, let alone to the client. At first, they did not believe me and gave me a hard time for a number of days when I had to explain myself, but ultimately the project was put on hold. Twenty years later, the client still remembers me and enjoys telling the anecdote of how a young Mrs Cózar defied them!

How has the dynamic between arbitral tribunals and experts changed over the years?

Our duty is to the tribunal, but too often I find that they do not make the most of us in the course of the arbitration proceedings. Nevertheless, I can see some positive signs of increased interaction between arbitral tribunals and experts, like the frequent use of expert conferencing and active tribunals that ask experts questions at hearings and request post-hearing support. What steps can younger experts take to improve their chances of getting testifying appointments? Is there an important role to play here for experienced experts?

As in other fields, learning by doing is the most effective way. It is crucial to give opportunities to young experts in a safe environment for them, whilst also preserving the best interests of the client and the case. At Accuracy, we co-author our expert reports, bringing a less experienced expert along with a seasoned one. This works very well in my experience as it nurtures the next generation of experts on the job.

Besides, the collaboration is enriching for both parties: the younger expert benefits from the experience and wisdom of his or her colleague – a highly motivating factor – but the seasoned expert may also benefit from new ways of thinking. And the icing on the cake is that it does not increase the cost for the client.

How do you effectively coordinate on cases when working alongside experts with other areas of expertise?

I have held different positions in different sectors and have worked in over 30 countries throughout my 20-year career, so I find it very easy to understand and “translate” what experts in other disciplines bring to a specific case. Plus, I enjoy playing the role of the orchestra conductor. For example, when dealing with engineers, I try to remember the challenges I faced when I started to work as an adviser to lenders 15 years back. I had to adjust my communication style to the audience, the degree of detail of my analysis…

My team and I have developed a type of crash-training for experts who testify for the first time. It helps to guide them through the process and ensure a successful experience. This is very reassuring for all: the newcomer, the lawyers and the client.

What steps can be made to increase diversity in the arbitration field?

Significant efforts have been made to bring diversity – whether gender, racial, age and more – to the table and create awareness. These efforts must continue; they open minds and generate a virtuous circle of visibility and trust, with the ultimate aim of removing diversity as an issue in the arbitration arena.

How are AI and technological developments affecting the analyses you conduct? How do you anticipate they will affect analyses moving forward?

I expect more efficiency. Tasks with lower added value will be automated and optimised, which will free time and resources for experts to focus on critical reasoning and strategic thinking on the aspects that form the crux of the case. This will also bring cost-optimisation benefits that clients will certainly appreciate.

What is the best piece of advice you’ve ever received?

“Keep going in a (your!) straight line!”. I took this to mean three things: trust your judgement, do not get derailed or too influenced by others, and always do what you feel is right as a professional and as a person…

Peers and clients say: “She is always looking further down the road for potential challenges the case might encounter and finds ways to overcome these challenges” “A thoughtful and methodical expert who thinks outside of the box” “Laura’s thorough and rigorous analyses are most impressive, as is her exceptional ability to detect and assess the implications of critical issues in quantum disputes”