Competition - Future Leaders 2018: Economists

This year we identify 53 competition economists from 30 firms and institutions across 16 countries. The featured economists are considered the future leaders in the space. They are highlighted for their provision of expert advice and testimony in complex antitrust matters, alongside the superb advice they provide to lawyers and clients on intricate matters of competition economics.


Who's Who Legal does not list law firms, only individual practitioners. The leading firms are those in each region whose listed practitioners received the most total nominations in our research. We highlight individuals at other firms who also scored very highly in our research.



Most Highly Regarded
1. Mihael Raveggi RBB Economics, Brussels
2. Avantika Chowdhury Oxera Consulting, London
3. Alexander Gaigl Oxera, Berlin
4. Nicole Robins Oxera, London
5. Enrique Cañizares Pacheco RBB Economics, Madrid

Leading Firms

RBB Economics

A market leader with five economists recognised for their expertise in competition economics.
Mihael Raveggi is an authority on high-profile EU mergers and Article 101 and 102 cases. Sources call him “a standout” who is “very responsive, great to work with and always on top of the data.”
Enrique Cañizares Pacheco receives praise for his economic analysis and his experience in applying such analysis to competition policy. One respondent says, “Enrique is professional, rigorous and technically impeccable” and is great acting as an expert before the courts and regulatory authorities.
Michael Dietrich comes “highly recommended” as a “technically expert” practitioner with a vast expertise in handling competition cases before authorities across the world.


Five leading lights at the firm are acknowledged.
The “excellent” Avantika Chowdhury is recognised for her superb competition and litigation skills. She is a go-to name on horizontal and vertical agreements and abuse of dominance, particularly in a litigation context.
Alexander Gaigl is widely respected for his economic modelling skills and his work on mergers, abuse of dominance and damages. One source says, “Alexander's economic skillset is impressive; he is incisive, exacting and efficient.”
Nicole Robins is praised for her “great state aid experience”. She has in-depth knowledge of economic and financial issues arising out of state aid cases and is “very technical” and “an outstanding economist”.

Frontier Economics

Four economists in the firm’s London office are listed.
Malcolm Tan is a well-regarded economist when it comes to market investigations and mergers. He has significant experience acting on abuse of dominance matters before the European Commission.
Luís Campos receives plaudits for his cartel damages litigation work. He is highly experienced acting before both the EU and national competition authorities.

Copenhagen Economics

Sees two leading lights recognised in its Helsinki office.
Emmi Martikainen is widely respected for her counsel in the fields of mergers, abuse of dominance and compliance matters. She is one of the region’s most highly regarded competition economists.
Anssi Kohonen is frequently instructed to advise on disputes in the competition field. He is noted for his superb quantitative analysis and statistical modelling.


North America

Most Highly Regarded
1. Joanna Tsai Charles River Associates, Washington, DC
2. Elizabeth Bailey NERA Economic Consulting, San Francisco
3. Yianis Sarafidis Charles River Associates, Washington, DC
4. Loren Smith Compass Lexecon, Washington, DC

Charles River Associates 

A leading global consulting firm that sees three standout practitioners recognised.
Joanna Tsai is a go-to name on damages, mergers and antitrust liability with over 10 years of experience in the field. One source says, “Joanna offers a great balance of being insightful in her analysis, practical in her dealings with clients and clear in her advocacy.”
Yianis Sarafidis is recognised as “a big up-and-comer" and a well-respected name in antitrust economics and econometrics. He advises clients on all aspects of mergers and market analysis.
Josh Lustig is also praised for his work in applied econometrics and his standout market analysis work.

Cornerstone Research

A formidable economics outfit that achieves two listings. Kostis Hatzitaskos receives plaudits for his econometrics expertise and his work leading on high-stakes merger reviews. He also has significant experience of analysing large datasets and is considered “a great young economist, great communicator and a pleasure to work with”. Maria Salgado is an authority on the pharmaceuticals space and is frequently called upon for her knowledge of complex litigation relating to competition matters.

NERA Economic Consulting

This firm sees two of its leading economists recognised.
Elizabeth Bailey is highly recommended for her economic analysis and antitrust knowledge. She is credited as a market leader who “can gain the trust of c-suite and board-level clients”. One source says, “Elizabeth is very sharp and can help to get deals over the line with her creative thinking.”
Paul Wong handles mergers in the healthcare and life sciences sector. He has extensive experience in merger challenges and is recognised as “a razor-sharp economist”.

Other Leading Individual


Loren Smith at Compass Lexecon in Washington, DC is esteemed for his expertise in horizontal and vertical mergers, vertical restraints and exclusionary conduct. He is widely respected for his experience in using economic and econometric tools to navigate competition matters.



Leading Individuals


Luke Wainscoat at HoustonKemp has over 10 years of expertise in antitrust analysis relating to regulatory matters, merger clearance and damages. One respondent describes him as “a pre-eminent practitioner”.

Warwick Davis of Frontier Economics is widely recognised within the market for his industry knowledge and his experience in economic modelling and market analysis. Sources recommended him for his “strong competition expertise, particularly in access regulation” and his reputation as a user-friendly practitioner.


Latin America

Most Highly Regarded
1. Gustavo Madi Rezende LCA Consultores, São Paulo

Leading Individuals


Gustavo Madi Rezende of LCA Consultores has over 15 years of consulting expertise and is a known expert in the field of competition economics. One respondent says, “I was impressed by Gustavo’s ability to deliver work of a high standard even within short deadlines,” while another remarked, “He is very responsive and professional, with excellent technical skills.”


Butelmann Consultores’ Ana Maria Montoya is recognised as “probably the best economist for merger control procedures” and is well known as “a very proactive and hands-on” economist.

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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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