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NERA Economic Consulting


At a Glance


“The relevance and complexity of the work.”

“Ability to work on high-profile cases.”

“Extremely intelligent colleagues.”


“Experience can vary widely across groups and practices.”

“Volume of work before some deadlines.”

“Rigid compensation structure.”

The Buzz

“Among the best economics shops.”

“Excellent litigation support.”

“One of our strongest competitors.”

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.

NERA Know-How

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

Ms. Magazine Covers Voz Experta, Advocacy Organization Cofounded by Associate Director Veronica Irastorza

04 December 2020

Associate Director Veronica Irastorza was profiled in Ms. Magazine for her role as cofounder of Voz Experta, an advocacy organization dedicated to bringing gender parity to conference panels in the Mexican energy industry. Ms. Irastorza and cofounder Bertha Angulo, both energy sector veterans, created the group three years ago in reaction the underrepresentation of women in energy sector events. They have since added female experts to over 100 otherwise all-male panels.

“Our mission is to highlight that there are no women participating in the public debate, and that it’s not that there aren’t any women [who are experts], it’s that there’s a bias about who is considered an expert,” says Ms. Angulo, a senior advisor at the Albright Stonebridge Group.

NERA is very proud to be one of the most gender-diverse consulting firms in the industry, with 38% of consulting staff and 14 out of 54 partners, including three practice chairs, identifying as female.

Global Transfer Pricing Expert Joins NERA Economic Consulting

10 September 2020

NERA Economic Consulting announced today that Dr. Niraja Srinivasan has joined the firm’s Transfer Pricing Practice as a Director in its Washington, DC, office.

Dr. Srinivasan assists multinational companies and clients of law firms with expert economic analysis and dispute resolution in transfer pricing for intellectual property and global supply chains, and in tax valuation matters. She has over 20 years of experience leading global transfer pricing strategies and risk mitigation for Fortune 50 companies in an extensive range of industries. As an Adjunct Professor at Texas A&M University School of Law, Dr. Srinivasan lectures on international tax risk management with an emphasis on digital business models. She also serves as Vice-Chair of the American Bar Association Tax Section’s Transfer Pricing Committee and spearheads the Committee’s educational outreach programs. Dr. Srinivasan received her PhD in economics and MA in public policy and management from The Wharton School of the University of Pennsylvania.

Who’s Who Legal Recognizes 24 NERA Experts in 2020 Consulting Directory

22 August 2020

NERA Economic Consulting is pleased to announce that 24 NERA experts have been nominated in the 2020 edition of Who’s Who Legal: Consulting Experts. Who’s Who Legal selects experts based on the strength of their reputation 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.” =Our experts are listed in the following 6 chapters:

Competition Economists

  • Dr. Lawrence Wu, President, San Francisco
  • Dr. Sumanth Addanki, Managing Director, White Plains, NY
  • Dr. Graeme Hunter, Managing Director, New York City
  • James Mellsop, Managing Director, Auckland
  • Dr. Chetan Sanghvi, Managing Director, Washington, DC
  • Dr. Ramsey Shehadeh,Managing Director, New York City
  • Dr. Christine Siegwarth Meyer,Managing Director, White Plains, NY
  • Dr. Lauren Stiroh, Managing Director, White Plains, NY
  • Grant Saggers, Director, London
  • Dr. Elizabeth Bailey, Affiliated Academic, San Francisco
  • Dr. Marc Ivaldi, Affiliated Academic, Paris
  • Dr. Alan Cox, Affiliated Consultant, San Francisco
  • Dr. Thomas McCarthy, Affiliated Consultant, Los Angeles

Competition Economists – Future Leaders

  • Dr. Subramaniam (Subbu) Ramanarayanan, Managing Director, New York City
  • Dr. Timothy Watts, Managing Director, New York City
  • Dr. Paul Wong, Associate Director, Los Angeles

Corporate Tax Experts

  • Amanda Pletz, Associate Director, London

Digital & Data – Data and E-Discovery Experts

  • Dr. Jeffery A. Eisenach, Managing Director, Washington, DC
  • Dr. Bruno Soria, Associate Director, Madrid

Quantum of Damages

  • Dr. Richard Hern, Managing Director, London
  • Dr. Vinita Juneja, Managing Director, New York City
  • Dr. Jeff D. Makholm, Managing Director, Boston
  • Dr. David Tabak, Managing Director, New York City

Quantum of Damages – Future Leaders

  • Dr. Fabrizio Hernández, Managing Director, Madrid

NERA Economic Consulting Announces Senior-Level Promotions

03 August 2020

New York – NERA Economic Consulting is pleased to announce that Dr. Sheng Li, Jonathan S. Polonsky, and Marcelo Rabinovich have been promoted to Associate Director, and Dr. Devalina Chatterjee, Edward Flores, Dr. C.-Philipp Heller, Sungi Lee, Max Luke, and Janeen McIntosh have been promoted to Senior Consultant.

Global Arbitration Review Names NERA in GAR 100 Expert Witness Firms’ Power Index

13 July 2020

Global Arbitration Review has named NERA in 2020’s Expert Witness Firms’ Power Index, a listing of top consulting firms that provide expert witness services in international arbitration cases. This year, GAR changed how the Power Index is calculated and “shifted from using information provided by the GAR 100 law firms, to asking expert firms to complete a questionnaire of their own.” This change allows more insight into what NERA does and is no longer just based on the GAR 100 firms with which we work.

NERA rose four places since last year and was described as follows: “[NERA’s] average hearing value rose from US$352 million to more than US$1 billion, which partly explains the improved position. It also registered five more hearings than a year ago. Those hearings included investor-state matters and spanned North America; Western and Eastern Europe; and Africa. They also covered more industries than many rivals.”

Steadfast in Uncertain Times: How NERA Is Responding

16 April 2020

The COVID-19 pandemic is forcing dramatic shifts in how businesses operate and how individuals live their lives. No organization and no individual is spared, but NERA Economic Consulting is well-positioned to weather the uncertainty.

Aligned with Oliver Wyman Group within Marsh & McLennan Companies, NERA is in a strong financial position and has the technological infrastructure to enable us to work remotely, provide the social distance necessary for our offices, and continue providing the services our clients around the world need.

Today, virtually the entire firm is working remotely. To support this effort, we:

  • Immediately increased the bandwidth, VPN licenses, and infrastructure capacity so that every employee could securely and easily access firm resources and collaborate with their colleagues and clients.
  • Worked with vendors to overcome systemic issues within the vendor systems to manage our transition to computer-based telephones, video conferencing, and remote collaboration.
  • Pre-approved the purchase of equipment to ensure all staff are equipped to remain productive in their home office environment.
  • Provided live and on-demand training sessions to ensure everyone was familiar with remote networking resources and technologies.
  • Ensured global desktop access to research resources and a dedicated team of information professionals. 
  • Provided professional training to ensure consultants are able to conduct effective virtual depositions and presentations.  

The current global crisis is more than merely a business and technical challenge. Recognizing this could be a difficult personal time for many of our colleagues, we:

  • Benefit from a multi-million-dollar Marsh & McLennan Companies grant program to assist colleagues who may be in financial distress.
  • Pre-approved transportation expenses for colleagues who deemed it necessary to come into their respective offices.
  • Established benefits to assist with the cost of emergency dependent care for children and other family members.
  • Pre-authorized travel expenses for colleagues to return home from work travel as soon as the global nature of the pandemic became apparent.
  • Pre-approved expenses allowing colleagues to account for time spent preparing their home offices or assisting with dependent or child care.
NERA Economic Consulting

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

Firm Stats

Employer Type: Subsidiary
Stock Symbol: MMC
Stock Exchange: NYSE
President: Dr. Lawrence Wu
Chief Operating Officer: Sandra Ringelstetter Ennis
2020 Employees (All Locations): 500

Major Office Locations

New York, NY (HQ)
25+ offices in 14 countries

Major Departments & Practices

Antitrust and Competition


Bankruptcy and Financial Distress Litigation

Communications, Media, and Internet



Health Care


Intellectual Property

International Arbitration

Labor and Employment

Life Sciences

Mass Torts and Product Liability

Securities and Finance

Transfer Pricing

White Collar, Investigations, and Enforcement