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Richard Hern

Richard Hern

NERA Economic ConsultingMarble Arch House66 Seymour StreetLondonEnglandW1H 5BT

Global Leader

WWL Ranking: Recommended

WWL says

Richard Hern is a leading damages and valuations expert with experience of commercial, investor-state and international arbitration.

Biography

Dr Richard Hern has over 22 years of experience as an economist, expert witness and quantum of damages expert providing testimony and advising clients across the world. Dr Hern’s experience spans investor-state and commercial disputes and international arbitration. He has prepared expert testimony on a range of economic and finance issues, including commercial damages, company valuations, valuations in the context of political intervention, lost profits from construction delays, cost of capital and profitability assessments, and economic regulation. He has acted as an independent expert witness on economic and quantum issues before many panels and tribunals, including ICSID, PCA, ICC, UNCITRAL, the UK Competition and Markets Authority (CMA), international courts and high courts.

Dr Hern’s experience as an economist and damages expert spans many different industries, including power, water, airports and airlines, shipping, telecoms, petrochemicals and real estate. 

He has also acted as an independent expert to rule on appeals of tariff reviews by privatised utility companies. He advised the World Bank on transparency guidelines for utility regulators in Africa, and mechanisms to reduce regulatory and political risk in developing countries.

Dr Hern also has specialist expertise on the estimation of country risk for valuation and quantum calculations in emerging markets. He has published on risk and the cost of capital in utility and trade journals, and authored books on best practices in estimating the cost of capital for infrastructure assets.

He holds a PhD in economics, an MSc in economics and public policy, and a BSc in economics and mathematics.

WWL Ranking: Recommended

WWL says

Richard Hern is a highly sought-after and "very effective" expert who excels at providing quantum assessment in dispute proceedings. 

Biography

Dr Richard Hern has 25 years of experience as an economist, expert witness and quantum of damages expert, providing testimony and advising law firms, utility companies, and governments throughout the Middle East, Europe, the USA, Asia and Latin America. He leads NERA’s regulatory finance team and co-leads the international arbitration practice.

His experience spans investor-state and commercial disputes, and international arbitration. He has prepared expert testimonies on a range of economic and finance issues, including commercial damages, assessment and quantification of damages, business valuations, valuations in the context of political intervention, contract disputes, disputes involving regulation of concessions and large infrastructure assets, lost profits from construction delays, cost of capital and profitability assessments, and economic regulation.

Dr Hern has acted as an independent expert witness on economic and quantum issues before many panels and tribunals, including the ICSID, PCA, ICC, UNCITRAL, the UK Competition and Markets Authority (CMA), and several other international courts and high courts. His work spans many industries, including power, water, utilities, transport (airports/airlines, shipping, and toll roads), infrastructure, telecoms, manufacturing, petrochemicals, and real estate. 

Dr Hern has published on risk and the cost of capital in utility and trade journals, and authored books on best practices in estimating the cost of capital for infrastructure assets. He has also acted as an independent expert to rule on appeals of tariff reviews by privatised utility companies, and has advised the World Bank on mechanisms to reduce regulatory and political risk in developing countries. He has taught economics and finance courses at Bristol University and Bath University and is a regular speaker at conferences in the UK and abroad. He holds a PhD in economics from the University of Bristol.

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