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Analysis Group, Inc.
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At a Glance


"Intellectual and quantitative rigor, extremely intelligent colleagues, flexibility and freedom”

"Fascinating work, fun colleagues"

"Culture, compensation, learning"


"Lawyers can be difficult clients"

"Supporting big companies”

"Niche casework”

The Buzz

"Economic consulting"

"Privately owned is a big plus"

"Sharp, but small."

"Limited strategy work"

About Analysis Group, Inc.

Boston-based Analysis Group provides expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune 500 companies, global health care corporations, and government agencies. Much of the firm's work is grounded in economic analysis – whether that involves a quantitative assessment related to litigation, quantifying the impact of a disease on the U.S. economy, or developing a model for a client's corporate strategic planning exercise.

Analysis Group has provided litigation support for lawyers at more than 500 global law firms, and has consulted to general counsels and senior executives at a number of Fortune 100 companies. The firm also has a robust health care practice.

For law firms, Analysis Group’s consultants help with pretrial discovery, development of economic and financial models, preparation of testimony, critique of opposing experts' analyses, and provision of expert testimony. The recent economic crisis resulted in an uptick in engagements requiring the analysis of complex securities – such as derivatives and credit default swaps, or the securitized assets at the center of the subprime housing fallout – both for litigation and for a wide range of participants in financial markets. The firm also works on interesting and unusual cases, such as the "Deflategate" controversy.

Corporate and government clients call on the firm for help with a variety of business issues, including company and asset valuations, cost-effectiveness analyses, market and competition analyses, intellectual property matters, and tax issues. The firm's large and growing health care practice integrates outcomes research, epidemiology, drug safety studies, and pricing and product strategy, as well as litigation support.

Close to – but not inside – the ivory tower

Former Arthur D. Little consultants Bruce Stangle and Michael Koehn founded Analysis Group in 1981 in Belmont, MA. The two Ph.D. economists sought to fuse academic practice with business litigation consulting by applying economic research to distill complex situations into narratives with powerful effect when introduced at trials. Their goal was to create a uniquely collaborative environment. For each client engagement, Analysis Group's professionals are grouped into teams, which are tailored according to the needs of the project and the client. Often, these teams are supplemented by academic or industry experts from the firm's external network.

At the beginning, the firm primarily consulted on mergers and acquisitions. Today, its consultants – working from 14 offices across the globe – have experience in all areas of economics as it applies to the legal and business world. This includes securities, health care, energy, intellectual property, antitrust, and commercial litigation and damages.

Principled professionals

The firm adheres to four operating tenets, which give shape to a kind of business philosophy. The first is access: Analysis Group maintains close ties to specialists – top minds in academia, leaders in their respective industries, and government insiders – to ensure that clients have access to the best people and ideas. Consultants work closely with a network of such experts to offer clients quantitative analysis and hands-on experience to help overcome business and legal hurdles. The second is collaboration: The firm encourages strong relationships within consulting teams and between teams and clients – which ultimately improves communication, effectiveness, and satisfaction. The third is responsiveness: The firm is able to rapidly identify specialized experts for a case, and employs a flexible structure that allows teams to quickly scale up or down as needed. The final tenet is pragmatism: Analysis Group believes all strategies should focus on relevant, applicable solutions in the business or legal world.


August 2018

Analysis Group Client Republic of Cyprus Secures Favorable Ruling in International Arbitration


A panel of the International Centre for Settlement of Investment Disputes (ICSID) dismissed a €1.05 billion claim against the Republic of Cyprus lodged by a Greek investment company and other former shareholders in a Cypriot bank. The Cypriot government acquired majority ownership in the Cyprus Popular Bank in a €1.8 billion recapitalization in 2012, amid fears of default due in part to exposure to Greek bonds during that country's debt crisis. The bank was placed in administration the following year, and deposits of over €100,000 were made subject to a levy as part of a rescue agreement between Cyprus and the European Commission, the European Central Bank, and the International Monetary Fund.

The investment company Marfin Investment Group and other former shareholders brought an ICSID arbitration claim under a 1992 bilateral investment treaty (BIT) between Greece and Cyprus. The claimants challenged Cyprus's regulation of the bank, including the Central Bank of Cyprus's decision to remove management and the terms of the 2012 recapitalization. Skadden Arps, counsel for the Republic of Cyprus, retained Analysis Group affiliates Jean-Pierre Landau and Andrew Metrick, who in turn were supported by an Analysis Group team led by Vice President Steven Saeger and including Manager Andrew Ungerer. Professors Landau and Metrick filed joint expert reports and provided testimony that addressed the reasonableness of the actions taken by the Cypriot authorities in the context of the European debt crisis.

An ICSID panel rejected the shareholders' claims, holding that Cyprus had not breached any international obligations under the BIT. The panel also awarded the Cypriot government €5 million in legal costs.

August 2018

City of Milwaukee Settles Stop-and-Frisk Lawsuit in Which Analysis Group Collaborated with the ACLU

In Milwaukee, as in a number of other American cities, black and Latino residents have raised concerns that they are disproportionately stopped and frisked by police, without reasonable suspicion as required by law. These complaints led in 2017 to Collins, et al. v. City of Milwaukee, et al., a lawsuit filed by the ACLU challenging the city's stop-and-frisk program on the grounds that it violated residents' rights under the Fourth and Fourteenth Amendments to the U.S. Constitution.

Among the evidence the ACLU submitted to the federal court in the suit were expert reports by Analysis Group affiliate David Abrams and criminal justice consultant Margo Frasier. An Analysis Group team including Vice President Shannon Seitz and Associates Rebecca Scott and Nick Vigil worked with the ACLU and Covington & Burling LLP, and supported both Professor Abrams and Ms. Frasier. Professor Abrams's report concluded that, even after controlling for factors other than race and ethnicity, black people in Milwaukee are significantly more likely to be subjected to traffic and pedestrian stops and searched after being subjected to a traffic stop, even though it is highly unlikely that these stops and searches will result in the discovery of drugs or weapons. Ms. Frasier's study concluded that, in a majority of documented traffic and pedestrian stops, officers had failed to identify individualized, objective, and articulable reasonable suspicion of criminal activity or vehicle equipment violations prior to conducting the stop. Her report also concluded that Milwaukee police officers routinely failed to document race and ethnicity information about people subjected to such stops.

The case was settled after a year and a half of litigation. As part of the settlement, reforms were instituted that are intended to overhaul how Milwaukee police conduct, document, supervise, and monitor stops and frisks in the future.

August 2018

Delaware Chancery Court Cites Analysis Group Academic Affiliate R. Glenn Hubbard's Valuation Figure in Solera Merger Appraisal Ruling

In the recent appraisal dispute of Solera Holdings Inc.'s 2016 sale to private equity firm Vista Equity Partners LP, Chancellor Andre G. Bouchard favorably cited reports by Analysis Group affiliate R. Glenn Hubbard as supporting evidence in the decision.

Stockholders who opposed the purchase price of $55.85 per share sought a court appraisal, claiming that the fair value of their shares was $84.65 per share. On behalf of Solera and supported by an Analysis Group team – including Managing Principal Bruce F. Deal, Vice President Michael Cliff, and Manager Andrew Clarke – Professor Hubbard appraised the shares of common stock. He testified at trial that the deal price, adjusted for synergies, of $53.95 provided the most reliable evidence of fair value. This was corroborated by a nearly identical valuation from a discounted cash flow (DCF) analysis that properly accounted for the investment needed to support growth in the terminal period.

After considering nearly 1,000 trial exhibits, including 14 deposition transcripts and the live testimony of four fact witnesses and three expert witnesses, Chancellor Bouchard ruled that he “independently has come to the same conclusion” as “respondent and its highly credentialed expert” that the “market-generated Merger price, adjusted for synergies” is the “best evidence of Solera's value” as of the date the merger. While the Solera ruling is a continuation of the string of cases using deal price as the anchor point for fair value, it is perhaps the first to subtract synergies in a private equity transaction.

June 2018

White Paper on Vehicle Efficiency Standards Released by Analysis Group Energy Experts

First enacted in 1975, the U.S. government's Corporate Average Fuel Economy (CAFE) standards have promoted cost-effective energy conservation by mandating that fleets of cars produced by vehicle manufacturers each year in the U.S. meet certain minimum fuel-economy requirements. Since 2017, however, the National Highway Traffic Safety Administration (NHTSA) and U.S. Environmental Protection Agency (EPA) have been reconsidering the CAFE standards for the model years 2022–2025, which were originally set in 2009.

An Analysis Group team led by Senior Advisor Susan Tierney and Principal Paul Hibbard developed a white paper addressing one of the factors likely to be part of the reassessment of CAFE standards – namely, estimates of how consumers change their driving patterns (i.e., driving more or fewer miles) when presented with cars and light trucks that get a greater (or lower) number of miles per gallon of fuel. This is known as the “rebound effect,” and it is a critical element in cost/benefit estimations of changes to vehicle efficiency standards.

In the white paper Vehicle Fuel-Economy and Air-Pollution Standards: A Literature Review of the Rebound Effect, Dr. Tierney, Mr. Hibbard, and their Analysis Group coauthors reviewed the extensive literature on the rebound effect and concluded that studies using data from broad parts of the U.S. and based on multiple years of data (e.g., time-series data) were most relevant to determining the rebound effect. Those analyses, the authors found, show that the rebound effect has been lessening over time as baseline fuel economy has improved. The studies also suggest that the rebound effect tends to decrease as income increases, because the cost of fuel becomes relatively less important to decisions about whether to drive or not; and that a consumer's vehicle miles traveled is less sensitive to changes in fuel economy than to changes in fuel prices. As a result, the authors determined that a 10-percent rebound effect, which up to now has been used by the different agencies to establish CAFE standards, was supported by the relevant literature.

May 2018

Analysis Group Works with Foundation Medicine to Obtain National Coverage Determination for Groundbreaking Comprehensive Genomic Profiling Assay for All Solid Tumors

On March 16, 2018, the Centers for Medicare & Medicaid Services (CMS) took a major step forward in enabling precision medicine for the treatment of patients with cancer. Specifically, CMS issued a final National Coverage Determination (NCD) that allows patients to receive U.S. Food and Drug Administration (FDA)-approved next-generation sequencing (NGS) tests for any recurrent, relapsed, refractory, metastatic, or advanced stages III or IV cancer. NGS tests can be used to sequence the DNA from tumor tissue, allowing care providers to test for a large number of genomic alterations that are implicated in cancer cell biology. Collectively, the results can help physicians make more informed and individualized decisions about a patient's treatment regimen, which can lead to improved treatment response rates and survival. Following the NCD, all Medicare-eligible patients who are diagnosed with advanced solid tumor cancer in the U.S. each year may become eligible for tumor sequencing using NGS.

Among the tests approved for coverage was FoundationOne CDx™, the first comprehensive genomic profiling assay reviewed simultaneously by the CMS and FDA for solid tumors through a parallel process. Developed by Foundation Medicine, the 324-gene panel test can detect genomic alterations across all solid tumor types, including alterations associated with over 15 already-approved targeted cancer drugs, as well as genomic signatures including microsatellite instability (MSI) and tumor mutational burden (TMB).

An Analysis Group team, led by Managing Principal Anita Chawla and Manager Marcia Reinhart, supported Foundation Medicine's NCD request with a comprehensive review and synthesis of medical and scientific information on advanced cancer and settings in which FoundationOne CDx is expected to be used, the analytic and clinical validity of the test, and the clinical utility of NGS-based testing.

Analysis Group, Inc.

111 Huntington Avenue
Boston, MA 02199
Phone: (617) 425-8000


Employer Type: Private
President & CEO: Martha S. Samuelson
2018 Employees (All Locations): 900

Major Office Locations

Boston, MA (HQ)
Chicago, IL
Dallas, TX
Denver, CO
Los Angeles, CA
Menlo Park, CA
New York, NY
San Francisco, CA
Washington, DC

Major Departments & Practices

Antitrust & Competition
Class Certification
Commercial Disputes
Energy & Environment
Epidemiology & Biostatistics
Government & Corporate Investigations
Health Care
Intellectual Property
International Arbitration
Labor & Employment
Media, Entertainment & Communications
Privacy & Data Security
Securities, Financial Products & Institutions
Statistics & Sampling
Strategy, Policy & Analytics
Surveys & Experimental Studies
Tax & Accounting
Transaction & Governance Litigation