Economic consulting
Economic consulting firms provide advanced economic, financial, and statistical analysis to law firms, government agencies, and other companies. Economic consultants often work in a litigation environment, producing research, analyses, reports, and testimony to be used in trial. Economic consultants can also provide quantitative strategic consulting: for example, they may review claims for a company assessing its mass tort liability, or they may help a government agency evaluate the economic basis for its regulatory policies.
Economic consulting firms often provide the support team when a client hires an economic expert.[1] The expert—typically either a professor (economics, finance, etc.) or a senior member of an economic consulting firm—may assist, for example, with analyzing competitive effects, calculating damages, and testifying to one’s expert opinion before a judge, jury, arbiter, or government enforcement agency.[1][2] Economic consulting firms provide expertise in the areas of antitrust, bankruptcy, energy, finance, healthcare, insurance, intellectual property, labor and employment, life sciences, media and entertainment, securities, and other areas requiring economic training.[3][4][5][6]
Function
Economic consulting services are generally divided into four types of services: conducting research; performing statistical and empirical economic analysis; responding to the opposing expert’s work; and preparing an expert report and supporting the expert during trial.[7][1] Consultants often begin by conducting research: they review materials provided in discovery, depositions, news articles, industry reports, and economic literature to gain industry knowledge and identify relevant information like the structure of the industry (competitors, relevant market size, competing products) and available data.[7][1] This work may occur at the beginning of litigation or in a consulting or pre-litigation phase.[8][1] Consultants perform empirical analysis, often developing complex regression models to determine factors such as the impact of a proposed merger or price increases due to anticompetitive behavior.[7][2] Consultants further review the work of the other party in litigation, analyzing the validity of the opposing expert’s economic theory and analysis and often summarizing their expert’s work and opinions in an expert report.[7] Finally, if the case goes to trial, consultants support the expert during trial.[1]
Major economic consulting firms
The Global Competition Review releases an annual list of the top 21 economic consulting firms.[9] Those based in the United States are:
- AlixPartners
- Analysis Group
- Ankura Consulting Group
- Bates White
- Berkeley Research Group
- Brattle Group
- Charles River Associates
- Compass Lexecon
- Cornerstone Research
- Edgeworth Economics
- Keystone Strategy
- NERA
References[edit]
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 “Careers in Economic Consulting.” UVA Arts & Sciences, University of Virginia. Retrieved May 4, 2021.
- ↑ 2.0 2.1 Martha Samuelson. “The Business of Economic Consulting.” American Economic Association. Retrieved May 4, 2021.
- ↑ “Our Collective Expertise.” Bates White Economic Consulting. Retrieved May 4, 2021.
- ↑ “Careers in Economic Consulting.” UVA Arts & Sciences, University of Virginia. Retrieved May 4, 2021.
- ↑ "Practices.” Analysis Group. Retrieved May 4, 2021.
- ↑ "Practice Areas.” Compass Lexecon. Retrieved May 4, 2021.
- ↑ 7.0 7.1 7.2 7.3 “Economic Consulting: What It Is, and Why You Need to Know About It.” Personal Branding Blog. Millennial Branding. Retrieved May 4, 2021.
- ↑ “Economic Consultant.” BYU Economics, Brigham Young University. Retrieved May 4, 2021.
- ↑ “GCR USA 100 2020.” Retrieved May 4, 2021.
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