NERA Economic Consulting Europe at a Glance


  • "Smart and humble colleagues."
  • "Extremely exciting projects and work environments."
  • "Interesting economic questions paired with data analysis and a lot of available data."


  • "You can always earn more, but really I'm doing more than ok."
  • "Unclear decision making processes and inconsistencies in decisions."
  • "People management."

The Buzz

  • "Best in economics."
  • "Leading niche player."
  • "Rigorous."
  • "Academic."

About NERA Economic Consulting Europe

NERA Economic Consulting makes its buck off understanding what many people can't: the economy. The New York-based firm provides economic advice, analysis, expert testimony and regulatory insight for clients throughout North America, Europe and the Asia-Pacific region. Employing more than 500 professionals, including 425 economists, the firm has been creating strategies, studies, reports, expert testimony and policy recommendations for government authorities and the world's leading law firms and corporations for half a century. It specializes in bringing academic analysis, objectivity and real-world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance and litigation using hard economic data to make its case, drawing on its professionals' expertise in statistics, econometrics, game theory, mathematics and computer science. 

A big umbrella

NERA was founded in 1961 as National Economic Research Associates by Dr. Jules Joskow-a professor of economics-and Dr. Irwin Stelzer, an economist. In 1983, global professional services firm Marsh & McLennan bought out the firm, with Joskow staying on with the company under Marsh & McLennan's direction, and Stelzer acting as president for a couple of years before he opted to strike out on his own. Today, NERA exists as a business unit of Marsh & McLennan's subsidiary the Oliver Wyman Group, operating alongside other Marsh & McLennan professional services units, such as risk and reinsurance specialist Guy Carpenter, insurance broker and risk adviser Marsh, and human resources solutions provider Mercer. 

NERA know-how

Among NERA's many service offerings, it is often called on for its antitrust capabilities. Respected and experienced in the world of antitrust and competition authorities, clients call on NERA professionals to provide economic analysis and testimony on business issues related to mergers and acquisitions, antitrust litigation and competition policy. Consultants are able to look at economic matters arising in antitrust cases and to help clients deal with issues such as market definition and power, market structure and entry conditions, pricing, profitability and damages. 

With total write-downs and losses stemming from the credit crisis reaching into the trillions worldwide, financial institutions facing an emerging regulatory and competitive environment come to NERA for assistance in securities and commercial disputes, market efficiency and trading analysis, valuations of fixed-income and derivative products, and risk management. NERA also provides expert advice on commercial litigation and damages. Consultants in this area provide analyses of clients' competition, regulatory environment and management decisions; cost, pricing and product strategies; risk management, business valuation, and dispute avoidance and resolution, among other services. 

NERA is also deeply involved in climate change analysis. As policies to reduce greenhouse gas emissions are proposed and implemented, NERA economists help government entities and companies understand the complex effects of those regulations, promote renewable energy, and improve energy efficiency. 

Publish and be … recognized

Not surprisingly, for a company boasting a plethora of academics, NERA's consultants like to publish their findings in formats that range from journal and magazine articles to white papers and books. Interviews with NERA consultants also pop up regularly in publications around the world. 


September 2015 

Emmanuel Llinares and Sébastien Gonnet Appointed to EU Joint Transfer Pricing Forum's Expert Group 

NERA Economic Consulting announced that its Transfer Pricing Practice Chair, Dr. Emmanuel Llinares, was appointed to the European Commission's EU Joint Transfer Pricing Forum (JTPF). NERA Vice President and Transfer Pricing expert Sébastien Gonnet was selected as an alternate to the JTPF. Established in 2002, the EU JTPF assists and advises the European Commission on practical solutions for transfer pricing tax matters. The JTPF comprises 18 non-government members who specialize in transfer pricing or multinational taxation. 

June 2015 

Leading Australian Economic, Financial, and Regulatory Experts Join NERA Economic Consulting

NERA Economic Consulting announced the expansion of its Australian presence with the addition of four new experts in the Melbourne office.  The Melbourne team is led by Robert Southern, a highly regarded economic, financial, and regulatory expert, who joins firm's global Energy and Environmental Economics Practice as a Director and Head of NERA's offices in Sydney and Melbourne, Australia. Also joining NERA's Melbourne office are Associate Directors Rebecca Billings, David Graham, and Deirdre Rose, and Senior Consultant Alex Richardson. 

March 2015 

NERA Expands US Roster of Experts

NERA  announced numerous senior hires over the previous year. Intellectual property and valuation expert Kristopher A. Boushie joined as a Vice President in the Washington, DC office. Dr. Simon Wu, the former Chief Economist of the US Federal Housing Finance Agency (FHFA), Office of Inspector General, joined the firm's Securities and Finance Practice as a Vice President in the Washington, DC office. Telecommunications expert Dr. Bruno Soria joined the firm's Madrid office as Associate Director of the Communications, Media, and Internet Practice. Patrick Breslin joined the firm's Transfer Pricing Practice as Vice President. Antoinette (Toni) Pincott joined the practice as Senior Vice President to lead the further development of the International Arbitration Practice, based out of London. 

February 2015

NERA Economic Consulting Releases Annual Canadian Securities Class Actions Trends Report; New Securities Class Action Filings Outpace Settlements

Filings of Canadian securities class actions continued at a steady pace in 2014, with 11 new securities class actions filed over the course of the year, equaling the number of new cases filed in 2013, according to NERA's "Trends in Canadian Securities Class Actions: 2014 Update." NERA's proprietary securities class action database now includes a total of 123 Canadian securities class actions filed over the 1997 to 2014 period. Sixty-eight of these class actions (55%) were filed within the last six years. Each of the 11 new cases filed is a shareholder class action, continuing the trend of 2012 and 2013.  Seven of these cases in 2014 involve securities listed on the Toronto Stock Exchange (TSX) and three issuers with securities listed on the TSX Venture Exchange (TSX-V). There were 10 new filings in 2014 that involved claims under the secondary market civil liability provisions of the provincial securities acts ("Statutory Secondary Market" cases). Six Canadian securities class actions were settled or tentatively settled in 2014, matching the total number of settlements in 2013 and double the number of settlements in 2012. Defendants in these six cases agreed to pay a total of $38.4 million, an average of $6.4 million per case. As of 31 December 2014, there were a record total of 60 unresolved securities class actions representing more than $35 billion in total claims. 

January 2015

NERA Economic Consulting Releases Annual Securities Class Action Trends Report

Securities class action settlement amounts plummeted in 2014, according to NERA's annual report, "Recent Trends in Securities Class Action Litigation: 2014 Full-Year Review."  Settlement amounts declined 38-61% in 2014, based on analysis of the cases included in NERA's calculations. The median settlement amount in 2014 was $6.5 million, the lowest in 10 years. The decrease in settlement amounts was more marked after the much-anticipated Supreme Court decision in Halliburton v. Erica P. John Fund, compared to the first part of 2014. On the other hand, filings of new securities class actions of the type addressed by the Court increased 14% after the decision was issued, compared to the time in which the decision was pending. More generally, 168 securities class actions involving alleged violations of Rule 10b-5, Section 11, or Section 12 were filed in 2014, an 11% increase over 2013 and a 30% increase over 2010. 

October 2014

NERA Releases Mid-Year Financial Conduct Authority Trends Report 

The Financial Conduct Authority (FCA) and its predecessor, the Financial Services Authority, have imposed more than £1 billion in fines over the past two and a half years. This compares to less than £320 million in fines imposed over the entire decade prior to 1 April 2012, according to NERA's "Trends in Regulatory Enforcement in UK Financial Markets: 2014/15 Mid-Year Report." Over the 2013/14 financial year, the FCA handed down £420.8 million in fines to individuals and firms, and £427.3 million in 2012/13. Fines for the 2014/15 financial year, which ends on 31 March 2015, are on pace to reach their highest level to date, with a total of £221 million imposed as of 30 September 2014. These record fine levels have been driven by a handful of large fines imposed on financial institutions, including several fines in connection with alleged manipulation of LIBOR and other benchmark lending rates. However, fines against individuals have fallen substantially, both in number and aggregate amount, a trend seemingly at odds with the FCA's emphasis on enforcement against individuals as an integral part of its "credible deterrence" strategy. Since reaching a peak in 2011/12 of £19.9 million, total fines against individuals have declined to £3.9 million in 2013/14 and £1.7 million in the first-half of 2014/15.


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NERA Economic Consulting Europe

1166 Avenue of the Americas
24th Floor
New York, NY 10036
Phone: 1 (212) 345 3000
Fax: 1 (212) 345-4650


  • Employer Type: Subsidiary
  • Stock Symbol: MMC
  • Stock Exchange: NYSE
  • President: Dr. Lawrence Wu
  • 2014 Employees: 500

  • Employment Contact
    Visit the careers section of

  • Major Departments & Practices
    Antitrust and Competition
    Bankruptcy and Financial Distress Litigation
    Class Actions and Class Certification
    Commercial Litigation and Damages
    Communications, Media, and Internet
    Consumer Protection in Financial Services
    Corporate Governance and Compliance
    Environmental Economics
    Financial Institutions and Banking
    Financial Risk Management
    Health Care and Life Sciences
    Intellectual Property
    International Arbitration
    Labor and Employment
    Mass Torts and Product Liability
    Postal Services
    Radio Spectrum
    Regulatory Economics
    Risk Advisory Services
    Securities and Finance
    Statistical Sampling and Analysis
    Survey Research, Design, and Analysis
    Transfer Pricing
    White Collar Criminal Litigation, Investigations, and Compliance

Major Office Locations

  • New York, NY (HQ)
  • 27 offices in 14 countries

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