OUR SERVICES
We work across the full spectrum of competition and regulatory issues, seamlessly combining the latest economic theory with practical empirical evidence.
Merger control
Our team has extensive expertise in assisting clients before regulatory agencies and courts that are responsible for examining mergers for potential anticompetitive effects. The outcome of the entire deal often hinges on the strength and quality of the economic analysis. Our experts have a proven track record in front of competition regulators.
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We provide support to clients throughout the entire merger analysis process, starting from the initial assessment of the antitrust risks associated with a transaction, to explaining the probable competitive effects to regulators, to identifying and evaluating potential remedies, including divestitures.
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Our approach to analysis of large datasets allow us to respond promptly and rigorously to complex data and document requests. They also help us develop sophisticated evidence-based analyses to support our economic assessments.
Market Investigations
In numerous jurisdictions regulatory agencies and courts have been conducting broader reviews of industries to evaluate not only whether antitrust rules are being violated, but also whether competition is functioning effectively in the best interests of consumers.
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These investigations revolve around the analysis of the economic effects of consumer behaviour, which depends on the specific circumstances of the market in question. This necessitates an in-depth economic and empirical analysis of the identified market failures.
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We have provided advice on a wide range of different market investigations, including into retail banking, wholesale insurance, credit information, and ferry services. These investigations have required us to compile economic evidence and analyse a wide range of issues including consumer behaviour (focusing on survey evidence), product and customer profitability, market outcomes, and the likely impact of various structural and behaviour remedies.
Competition Litigation & Class Actions
Antitrust breaches have led to some of the highest-stakes litigation for damages in US and EU corporate history. Our experts have experience in both US and UK competition litigation . This includes conducting an economic assessment of the relevant market and market power of the firm in question, as well as an assessment of the competitive landscape and likely counterfactual to compare to the real-world situation. Our experts also have experience undertaking an economic analysis of damages, as well as addressing matters such as pass-on (which is central issue to many anti-trust cases).
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Antitrust breaches may also involve class action claims on behalf of a class of consumers or businesses, who were either direct or indirect purchasers of the affected product(s). Our experts have provided analysis of class certification, liability and quantum issues in some of the highest profile antitrust class actions in the UK (including the Rail Boundary Fares and Sewerage Services actions).
In evaluating class action cases, our experts assess whether impact and injury can be measured using evidence and methods that are predominantly common to the class. They assess whether damages to the class on both aggregate and individual levels can be estimated using a common, formulaic methodology, or whether individualized inquiry would be required.
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To measure the impact of the alleged conduct on the class we employ rigorous empirical modeling grounded in economic theory. We combine this with case-specific quantitative and qualitative evidence and our team possesses extensive experience in analyzing large, complex datasets, such as transaction data, which are typically used to evaluate quantum and commonality in antitrust class actions.
Horizontal and Vertical Agreements
Findings that firms have engaged in anticompetitive agreements give rise to some of the highest stakes matters in terms of risks of fines and exposure to damages actions. While this has been the case particularly in relation to horizontal agreements, authorities are increasingly focusing on the potential for vertical agreements to lead to collusion or the softening of competition. Consequently, firms need to carefully consider antitrust risks related to agreements with suppliers and distributors as well as with their rivals, particularly given the Commerce Commission's new law on the prohibition on the misuse of market power, as set out in Section 36 of the Commerce Act.
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The legality of horizontal and vertical agreements often turn on the analysis of the agreement’s economic effects. Economic theory and practice have shown clearly that the effects of specific agreements depend on the facts of the market in question and the assessment therefore often requires in-depth economic and empirical analysis.
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Our experts can address all aspects of the economic assessment, from defining the relevant markets to analyzing whether the agreement may restrict competition in those markets and considering whether efficiencies related to the agreement provide benefits to consumers that more than offset any such restrictions.
