2020 Vault Rankings
At a Glance
“The work is interesting and challenging.”
“Well-respected among those who work in economics.”
“Highly unpredictable hours.”
“Variance in workflow.”
“Not much interaction between groups.”
“Top-of-the-line for economics.”
About NERA Economic Consulting
NERA Economic Consulting understands what many people can’t: economics. The firm provides economic advice, analysis, expert testimony, and regulatory insight for global clients throughout North America, Latin 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 over half a century. NERA specializes in bringing academic analysis and rigor, objectivity, and real-world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. The firm uses 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. It was the first consulting firm dedicated to methodically applying rigorous microeconomic thought to litigation and regulatory matters. In 1983, global professional services firm Marsh & McLennan acquired the firm, with Dr. Joskow staying on with the company under Marsh & McLennan’s direction and Dr. Stelzer acting as president. 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.
Among NERA’s many service offerings, it is often called on for its antitrust capabilities. Respected in the world of antitrust and competition authorities, clients depend on NERA for economic analysis and testimony on business issues related to mergers and acquisitions, antitrust litigation, and competition policy. Consultants look at economic matters arising in antitrust cases and help clients deal with issues such as market definition and power, market structure and entry conditions, pricing, profitability, and damages.
Across the globe, clients turn to NERA for advice and clarity when companies are facing securities litigation, commercial disputes, and class actions, or are on the receiving end of enforcement actions by government regulatory agencies. NERA is a leading firm in the economics of securities, finance, and commerce. Its consultants have provided expert testimony and consulted in the areas of 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, including analyses of clients’ competition, regulatory environment, and management decisions; cost, pricing, and product strategies; and risk management, business valuation, and dispute avoidance and resolution, among other services.
NERA’s Energy, Environment, Communications & Infrastructure (EECI) Practice is on the cutting edge of the information technology age, responding to the marriage of energy and environmental issues with technological advancement in the communications and internet arena and the infrastructure required to support it. NERA’s forward-thinking group has identified specific market needs and created an innovative offering of services. Each component of NERA’s EECI practice rests on four pillars of expertise: litigation, regulatory, transactional, and advisory.
Publish and Be Recognized
NERA’s consultants are constantly publishing their findings in formats that range from journal and magazine articles to white papers and books. NERA consultants are often interviewed, and their expertise is sought by publications around the world. In addition, NERA experts are often requested to participate as speakers, panelists, and moderators in a broad range of conferences addressing industry trends, legal cases, and newsworthy and topical issues.
In the News
30 July 2019
Who’s Who Legal Recognizes 28 NERA Experts in 2019 Consulting Directory
We are pleased to announce that 28 NERA experts have been named in the 2019 edition of Who’s Who Legal: Consulting Experts. Who’s Who Legal selects experts for inclusion in their directory based on the strength of their reputations and recommendations from the legal community. Consultants who are listed are “deemed to be leading in their respective fields of practice by their peers and clients” after a months-long research process.
24 July 2019
Securities, Commodities, and Derivatives Expert Adam Warren Joins NERA Economic Consulting
NERA Economic Consulting is pleased to welcome Adam Warren to the firm’s Securities and Finance Practice as a Managing Director. Mr. Warren has more than three decades of experience as an accomplished and recognized testifying expert. His areas of expertise include analyzing financial, commodity, and complex derivative instruments; trading systems and processes; financial markets and exchanges; technology and operations; and market, credit, and operational risk management of financial, derivative, and commodity products. He has assisted numerous securities, commodity, and derivative exchanges, as well as regulators, brokerage firms, clearing houses, hedge funds, and investment management companies globally. He has testified in federal and state courts, as well as FINRA and other SRO arbitrations. Mr. Warren received his MBA from the University of Chicago.
05 April 2019
Global Arbitration Review Names NERA in Expert Witness Firms’ Power Index
Global Arbitration Review (GAR) has named NERA in 2019’s Expert Witness Firms’ Power Index, a listing of top consulting firms that provide expert witness services in international arbitration cases. The GAR Expert Witness Power Index is designed to help law firms find the best expert witnesses in international arbitration. GAR has tightened their criteria for the index this year, stipulating that “a firm must have at least five mentions by GAR 100 law firms (in their responses about hearings) to earn consideration.”
19 February 2019
Global Competition Review Shortlists Two NERA Experts for Economist of the Year
James Mellsop and Dr. Subbu Ramanarayanan have been nominated for Economist of the Year by Global Competition Review (GCR). The award is given to a competition economist whose superior technical skill, practical judgment, and excellence in client service demonstrate that he or she is among the very best in the field. GCR wrote:
James Mellsop is a [managing] director at NERA Economic Consulting and a highly regarded competition economist with expertise in complex New Zealand competition law issues. He is known for his ability to swiftly and clearly explain relevant economic issues and to present credibly and persuasively to the enforcer and in Court hearings. Subbu Ramanarayanan is a director in NERA’s antitrust and healthcare practices. He was the lead economist advising five hospital systems in eastern Massachusetts as they formed Beth Israel Lahey Health, which became the second largest healthcare system in Massachusetts with nearly $5 billion in annual revenue.
29 January 2019
2018 US Securities Class Action Filings Break New Records; NERA Economic Consulting Releases Annual Securities Class Action Trends Report
A total of 441 new securities class actions were filed in US federal courts in 2018, the highest number of filings since the aftermath of the 2000 dot-com crash, according to “Recent Trends in Securities Class Action Litigation: 2018 Full-Year Review,” an annual report released by NERA Economic Consulting.
“While the number of filings was roughly unchanged compared to 2017, the pace of new litigation accelerated over the second half of the year and the average size of new cases was considerably larger,” said NERA Managing Director Dr. David Tabak. “Merger-objection cases constituted about half the 441 total filings, but growth of such cases slowed sharply versus 2017, indicating that the explosion in filings sparked by the Trulia decision may have run its course.” In addition to NERA’s US report, the firm produces annual reports on securities class action litigation in Canada and on UK regulatory enforcement actions.
5 December 2018
Transport and Infrastructure Economist Joins NERA Economic Consulting
NERA Economic Consulting announced today that Daniel Hanson has joined the firm’s Energy, Environment, Communications & Infrastructure Practice as a Director. Daniel Hanson is an expert in the economics and finance of transport and infrastructure. He has extensive experience in strategy, economic appraisal, economic regulation, competition issues, and disputes. He has served on a number of prestigious expert panels, frequently speaks at conferences, and provides thought leadership on key issues facing his clients. Prior to joining NERA, he led PwC’s strategy and economics work in the Transport and Infrastructure Practice in the UK. He has 24 years of experience as a professional economist.
4 December 2018
Eight NERA Experts Included in Who’s Who Legal Arbitration 2019
NERA Economic Consulting is pleased to announce that eight of its experts have been recognized as leading practitioners in arbitration by Who’s Who Legal. WWL: Arbitration 2019 singles out arbitration lawyers and expert witnesses known for their expertise in resolving complex international disputes. WWL’s research, along with nominations from peers and clients, identified eight NERA experts as leading names in their field with expertise in both commercial and investor-state disputes. Five NERA experts were included in the Expert Witnesses section: Dr. Alan Cox, Dr. Christian Dippon, Dr. Richard Hern, Dr. Jeff D. Makholm, and Dr. Chudozie Okongwu. And for the first time, WWL identified 30 individuals as the future leaders of the arbitration expert witnesses market. Three NERA experts were identified as the top of their generation in international arbitration: Erin McHugh, Robert Patton, and Clara Segurola.
1166 Avenue of the Americas
New York, NY 10036
Phone: (212) 345-3000
Employer Type: Subsidiary
Stock Symbol: MMC
Stock Exchange: NYSE
President: Dr. Lawrence Wu
Chief Operating Officer: Sandra Ringelstetter Ennis
2019 Employees (All Locations): 500
New York, NY (HQ)
25+ offices in 14 countries
Antitrust and Competition
Bankruptcy and Financial Distress Litigation
Communications, Media, and Internet
Labor and Employment
Mass Torts and Product Liability
Securities and Finance
White Collar, Investigations, and Enforcement