Diego Sierra

Von Wobeser y Sierra, SC

Mexico City www.vonwobeser.com

dsierra@vwys.com.mx Tel: +52 55 5250 1039

Biography

A partner of Von Wobeser y Sierra with almost 20 years of experience. He co-leads the arbitration and litigation practices of VWyS. Moreover, he co-leads the anti-corruption and bankruptcy practices. He has advised Fortune 500 companies in matters of anti-corruption, due diligence, litigation, arbitration and bankruptcy. He presides over the anti-corruption commission of the International Chamber of Commerce Mexico (ICC Mexico). Diego serves as a board member of the Mexican Bar Association.

Name one of your most memorable cases during the pandemic.

One of the most notable cases in the pandemic was the de Marinsa bankruptcy case, which involved a complex arbitration for more than US$50 million, a bankruptcy judicial proceeding in Campeche, and dozens of parallel commercial litigations from vendors with whom Marinsa had debts of more than US$250 million. That case demanded commercial litigation expertise, arbitration, bankruptcy, corporate restructuring, tax, and labour law expertise. It was highly challenging and rewarding for the elite blend of transactional and litigation work at Von Wobeser y Sierra.

What changes, if any, are you noticing in how arbitrations are financed?

My direct experience shows that arbitrations continue to be financed mainly by parties involved in the dispute. I do not see a material shift towards third-party funding in arbitration in Mexico.

How has the shift to online working and events affected networking opportunities?

In my way of thought, a very relevant part of our profession is human interaction. Due to human (client and co-worker) interaction, lawyers cultivate a diverse set of aptitudes fundamental to professional development. The pandemic has significantly reduced these opportunities but has shown us the capability to provide our clients an exceptional service with digital tools.

To what extent can virtual hearings be relied on to decide high-stake multibillion-dollar cases between parties?

Our experience shows that multibilliondollar disputes, however complex, can be settled in entirely virtual hearings. Marinsa is a great example. That entire arbitration was run virtually. Not only that, most interactions with the client and other thirdparty restructuring advisers and opposing counsel was virtual. Technology allows for a fluid process whereby arbitrators grasp the facts through direct and crossexamination of relevant witnesses (fact and expert witnesses) by means of virtual testimony.

Technology is here to stay. It will continue to improve with time, and people will continue to seek these types of virtual settings that decrease costs and offer a direct comprehension of the facts concerning a dispute.

How does Von Wobeser y Sierra, SC’s approach to diversity and work ethics help address the ESG-related hurdles clients are facing?

Our diversity is one of our core values and has helped us provide more creative, adaptive, and responsive solutions to our clients. We believe this gives us a competitive advantage vis-à-vis other firms that have arrived just recently into the ESG practice.

Our ESG task force incorporates multiple areas of expertise; it is not a single unit within the firm but a blend of several fields of specialisation, for example, tax, foreign trade, corporate and M&A, real estate, litigation, and anti-corruption investigations. Therefore, we believe we are exceptionally well positioned to address ESG within the dispute and corporate markets in the legal profession.

What is the key to successfully securing an upper hand in negotiations?

A key to successfully securing an upper hand in negotiations is understanding your facts as well as you can. It is crucial to have a tight grasp on the reality of the case and the potential probabilities of success on the merits of your client’s arguments.

Suppose you can provide your counterparty with a fair, reasonable, independent assessment of the probabilities of success. In that case, you will probably have the upper hand and the capacity to anticipate your counterparty’s moves in a negotiation

What do you think will be the greatest challenge facing the next generation of arbitration practitioners?

The major challenge will be successfully navigating the tension between generalisation and specialisation. On top of the apparent oxymoron lies a great source of intellectual competitive advantage. I firmly believe that the more lawyers can see the forest and not lose themselves in the tree branches, the more accurately they will be able to dive deep into a case’s details.

Therefore, I believe the most significant challenge for this generation is to have the intellectual capacity to play a simultaneous generalist/specialist tune. Lawyers need to get out of their comfort zone and understand economics, finance, valuation, basic science, technology and behavioural psychology. All this knowledge evolves at lightning speeds. Publications, schools and modernity push towards specialisation. But those who resist the sirens’ call for mental compartmentalisation and dare to look at life from a broader perspective are bound to reap great client satisfaction, fun and fulfilment in the profession.

What typical challenges do younger arbitrators have to be mindful of when undertaking their first case under civil law?

Young arbitrators must understand that civil law, at least in Mexico, is a living and evolving discipline. It is not only a statutory, hard law codified set of rules but also a flexible set of rules that evolve through precedents. Young practitioners must dive very thoroughly into the world of precedents, understand the reasoning giving light to these precedents published by the courts, and recognise that civil law each time more and more takes and incorporates the common law tradition of writing the law through cases.

WWL says: Diego Sierra is a dispute resolution expert who is praised for his profound ability “to understand the key points of a complex case”.