Competition 2017: Economists Analysis

Who’s Who Legal’s Competition Economists chapter covers 342 of the best consultants, expert witnesses and advisers on economics in the world. They are hired for their work on complex mergers, investigations and disputes. In total, 142 firms have practitioners listed, but three firms stand apart in this area, with more than 20 practitioners listed each: Compass Lexecon, Charles River Associates and RBB Economics. Between them, their practitioners comprise over 25 per cent of those listed in the chapter. The individuals scoring highest in our research are mentioned below.

Thought Leaders
Simon Bishop RBB Economics, Brussels
Cristina Caffarra Charles River Associates, London
Adrian Majumdar RBB Economics, London
Janusz Ordover Compass Lexecon, Washington, DC
Jorge Padilla Compass Lexecon, Madrid

COMPASS LEXECON leads our listings this year, garnering a remarkable 35 listed individuals, including some of the biggest names in the market.
Jorge Padilla is “the absolute best” for competition, according to peers who laud his “very pragmatic, very focused and concise” advice that makes him “truly a lawyer’s best friend”. He is particularly well regarded for his cartel-related work.
“Superb” thought leader Janusz Ordover stands out in our research as one of the most pre-eminent and highly regarded names in competition-related economics. He has spent over 40 years working in the area and has wide-ranging agency experience, including in the DOJ antitrust division.
Damien Neven is an “excellent” and “top-notch” economist who is regularly seen by peers on a range of prominent cases.
Dennis Carlton handles “a huge amount of consultancy work”, comment interviewees, and is highly sought after for his high-quality expert advice. As one lawyer simply puts it: “Dennis is brilliant.”
“Superb economist” Lorenzo Coppi is a seasoned economist with broad experience in UK, EU and US economic frameworks. Sources tell us that “clients love him”.
California-based Daniel Rubinfeld is recommended for his experience and understanding of US competition issues thanks to his vast agency experience with the DOJ.
Neil Dryden is an “experienced and calm-headed” attorney who is a “top-ten lawyer” in the UK according to numerous peers as well as our research.
Miguel De la Mano is a “fantastic economist with an exceptional legal mind”, say sources, who additionally describe him as “sound, capable and professional”.
Senior consultant Robert Willig stands out to interviewees as a “highly effective witness”, while Jonathan Baker is cited as “among the best in the world as a consultant”.
Jonathan Orszag “comes off really well on the stand” and is a “go-to for a big case up against a judge”, owing to his “depth of knowledge of  the case and ability to get down in the weeds”.
Richard Gilbert is one of the best-known economics academics in the USA and another member of the firm who was previously a major figure in the DOJ antitrust division.
Justin Coombs is highlighted as “an extremely astute and insightful economist” who is “very good at translating complex economic concepts into plain English”.
Kirsten Edwards-Warren also impresses as a “good communicator with the ability to tackle problems quickly and to offer practical solutions”.
The “sharp and efficient” Elena Zoido is noted as a “flexible and responsive” economist with a deep understanding of EU competition issues.

RBB ECONOMICS is another major player in the market and it impresses once again with 20 leading names included.
Thought leader Simon Bishop emerges as one of the very best competition economists worldwide according to our research. Sources praise his ability to “cut through to the key issues and command the court’s respect”.
Adrian Majumdar is another celebrated economist who is “a first choice for complex investigations” for many lawyers. Interviewees comment: “Adrian combines first-rate analysis with the ability to distil the information for clients, regulators and judges.”
Derek Ridyard is a revered figure described as “one of the grandfathers of competition economics”. He boasts significant experience both as a consultant and in regulatory roles, having spent several years at the Office of Fair Trading.
Andrea Lofaro “really stands out” at RBB Economics for his “great experience in national and international cases”. One competition lawyer calls Lofaro “one of the best economists in the antitrust world”.
The “excellent” Benoît Durand is a well-known competition economist with a background in both UK and EU regulatory law.
“Another outstanding economist” is Bojana Ignjatovic, who is described as a “smart, rising star” with a “fantastic client manner”.
Francesco Rosati is “really good in damages claims” and provides “good, practical advice which is very easy to understand for non-specialists”.
The “fantastic” Patrick Smith is recommended for his wide-ranging expertise, while Iestyn Williams and Niklas Strand are also highlighted as part of the “extremely strong RBB team”.
Petter Berg is “a go-to guy for all problematic issues in Sweden”, according to lawyers who note him as “skilled, well connected and commercial”.
The “outstanding” Jan Peter van der Veer is a leader in Belgium, while Matthijs Visser in the Netherlands is described as “very creative and easy to work with”.

CHARLES RIVER ASSOCIATES is a key player in the competition economics area and it excels once again in our research, with 32 economists listed across Europe, the USA and Canada.
Cristina Caffarra is a key figure in the market, described as “one of the strongest economists around” by sources, a “rainmaker” who has “incredible visibility in the market”.
Steven Salop is a prominent name in the US antitrust market, described as “the best there is” for merging parties by impressed sources.
“Major player” Matthew Bennett provides a “high quality of advice” to clients and is further noted as a “client-friendly and experienced economist who knows how the authorities work”.
Raphaël De Coninck is an “excellent applied economist” who is “friendly and very easy to work with”, and possesses “strong connections with the European Commission”.
Andrew Dick is “well liked by clients” for his “nice, easy manner and high-quality work”. Sources commend him for his notable expertise in mergers and expert testimony.
William Bishop is among the most experienced antitrust experts in the market and continues to be highly regarded for his advice and expert testimony, while Diana Jackson is described as “a very smart, excellent economist” for her superb practice.
Lars Wiethaus is considered “one of the best economists in Europe” by one source, while another maintains, “He is extremely competent and great to work with.”

OXERA has seven experts listed in this year’s edition.
The highly rated Gunnar Niels draws widespread recommendations in this year’s research owing to his wealth of experience before courts and regulatory bodies worldwide.
Helen Jenkins stands out for her ability to “distil issues down in terms that are easy to understand and convert that distillation into very effective arguments”.
Robin Noble is commended for his “strong understanding of complex issues” and is reported to be an “effective and reputable expert witness".

FRONTIER ECONOMICS continues to be a strong name in the market, and boasts eight listed lawyers this year.
Zoltan Biro is a “high-profile” and “highly active” lawyer who is frequently seen by commentators on some of the most significant cases involving infringements of EU competition law as well as intellectual property disputes.
The “very personable” David Parker wins plaudits for his “ability to explain things clearly to non-economists”.
David Foster is a telecoms expert who is “very bright and easy to deal with”. As one source puts it: “No one knows telecoms like David.”

E.CA ECONOMICS has three experts listed.
Rainer Nitsche is a key name in the European market and described as “an obvious inclusion” by market commentators.
Vincent Verouden, former deputy chief economist at the European Commission, stands out for his insight into the competitive effects of state aid control.
Hans Friederiszick is a market-leading economist with an excellent reputation on the international stage. He is regularly called upon in significant merger reviews, cartel cases and private litigation.

San Francisco-based Lawrence Wu of NERA ECONOMIC CONSULTING is identified as “one of the very best for healthcare issues”. He has deep and wide-ranging expertise in transactional competition matters.

Carl Shapiro at the UNIVERSITY OF CALIFORNIA AT BERKELEY – HAAS SCHOOL OF BUSINESS is described as “an absolute must for inclusion” by experts, while other sources focus on his previous experience at the DOJ as a key to the success of his practice. One lawyer identifies Shapiro as a “network effects guru”.
Michael Katz is also highly recommended as “one of the best around” by other leading experts.

John Vickers at the UNIVERSITY OF OXFORD is an “outstanding” and “well-respected” expert, particularly known for his work on policy issues. One source calls him “the gold standard in the market”.
Paul Klemperer is similarly well regarded by various interviewees for his economic expertise, as is the “very articulate” Mark Armstrong.

Kai-Uwe Kühn is a key figure in the outstanding economics department at the UNIVERSITY OF EAST ANGLIA and also works with CHARLES RIVER ASSOCIATES. He has wide-ranging experience in merger analysis and has acted on a number of major transactions in the technology, media and financial services industries.
The “superb” Amelia Fletcher is “very experienced on both sides of the fence”, say sources, commenting on her regulatory experience with the FCA and OFT as well as her consultancy work.

John Fingleton of FINGLETON ASSOCIATES wins praise for his practice, with sources calling him a “clever and thoughtful antitrust economist”, particularly for high-level advisory issues.

YALE SCHOOL OF MANAGEMENT’s Fiona Scott Morton is a “top practitioner” who sources pick out for her understanding of both US and European regulatory issues. Interviewees call her a “thoughtful economist, particularly on healthcare matters”.

The “exceptional” Jean Tirole of the INDUSTRIAL ECONOMICS INSTITUTE at the University of Toulouse is the leading economist in France according to our research, described as “absolutely brilliant” by commentators. He is a Nobel Prize-winner, having won the Economic Sciences award in 2014 for his work on market power and natural monopoly regulation.
Patrick Rey is also recognised as a “great brain who is well tuned in to policy and advisory work”.

Jerry Hausman of MIT is a “big name” in the market who is “very active and very smart” as a consultant. He is particularly well known for his work in econometrics.

Luke Froeb at VANDERBILT UNIVERSITY LAW SCHOOL is another “excellent economist” in our research, who is “very smart” and uses his FTC background to good effect in his consultancy practice.

Frederic Jenny of ESSEC BUSINESS SCHOOL has “done remarkable things” across the course of his 40-year career, say sources. As one lawyer puts it: “He is brilliant; one of the best of his generation.”

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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.

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