2021 Vault Rankings
At a Glance
“Flexibility in hours.”
“Liberty and low administrative burden.”
“Career progression and below market compensation.”
“Lack of exit opportunities.”
“Random and long hours.”
“Strong economics brand.”
About NERA Economic Consulting Europe
NERA Economic Consulting makes its buck off understanding what many people can't: economics. The global firm provides economic advice, analysis, expert testimony, and regulatory insight for 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 more than 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 Joskow staying on with the company under Marsh & McLennan's direction and 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.
When companies are facing securities litigation, commercial disputes, and class actions, or are on the receiving end of enforcement actions by the government regulatory agencies across the globe, clients turn to NERA for advice and clarity. NERA 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. For over half a century, NERA experts have been central to client success in some of the world's highest-profile disputes, regulatory proceedings, and business challenges. Their international arbitration experts help clients through all stages of the arbitration process, providing authoritative, independent economic analysis, valuation opinions, causation determinations, damages assessments, regulatory opinions, expert reports, and testimony in commercial and investment treaty arbitrations around the world.
In addition, NERA experts are respected and experienced in the world of antitrust and competition authorities. Clients depend on NERA professionals for economic analysis and testimony on business issues related to mergers and acquisitions, antitrust litigation, and competition policy. Their consultants have decades of experience addressing economic matters arising in antitrust cases and helping clients deal with issues such as market definition and power, market structure and entry conditions, pricing, profitability, and damages.
NERA's Energy, Environment, Communications & Infrastructure (EECI) Practice is also well-known for being on the cutting edge of the digital age, responding to the marriage of energy and environmental issues with technological advancement in the telecom/internet arena and the infrastructure required to support it. Their forward-thinking group of consultants has identified specific market needs and has created an innovative offering of services that allow them to respond to the wide range of challenges their clients encounter.
Publish and be recognized
Not surprisingly, for a company boasting numerous academics, 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 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
NERA Helps AOP Win in €140 Million Pharma Arbitration
13 January 2021
NERA Economic Consulting supported Schönherr, the leading Austrian law firm, to provide economic analysis, damage quantification, and testimony in an arbitration involving Schönherr’s client AOP Orphan Pharmaceuticals AG (“AOP”), an Austrian pharmaceutical company specializing in the treatment of rare diseases, against Taiwanese biopharmaceutical company PharmaEssentia Corporation.
NERA’s Frankfurt-based Managing Director Dr. Yves Hervé and his team—Dr. Georg Siegert and Fabian Peters—were hired for AOP to calculate the quantum of damages. Dr. Hervé testified as an expert witness before an arbitration tribunal held under the auspices of the International Chamber of Commerce (ICC).
On Tuesday, 20 October 2020, after two and a half years of arbitration proceedings, the tribunal ruled in favor of Schönherr’s client AOP, who was awarded approximately 143 million euros in damages. The damage calculation was based on NERA’s economic modelling experience spans a wide range of industries including energy, telecommunications, retail, and media.
NERA Ranked in Tier 1 of World TP 2021 Transfer Pricing Guide in Germany
07 October 2020
We are pleased to announce that NERA Economic Consulting has been ranked in the top tier (Tier 1) of the World TP 2021 Transfer Pricing Guide in Germany. Produced in association with ITR (International Tax Review), World TP is the guide to the globe’s leading transfer pricing practices, providing rankings and profiles of the most effective transfer pricing practitioners in the world and covering more than 60 jurisdictions worldwide. The World TP guide is produced using three pillars of research: practical evidence, peer feedback, and client feedback.
COVID-19 and the Next Wave of Business Disputes
30 November 2020
By Marco Schönborn, Ambrus Barany, and Mark L. Berenblut
In addition to an unprecedented human tragedy and health care crisis, the coronavirus pandemic has brought the deepest economic downturn in 100 years. In a new white paper, NERA Affiliated Consultant Mark L. Berenblut, Senior Consultant Marco Schönborn, and Consultant Ambrus Barany analyse the major economic disruption caused by COVID-19, how the current crisis differs from previous economic crises, and the likely consequences of the current market downturn for the next wave of international disputes.
This paper is part of NERA’s international arbitration white paper series, which aims to cover a range of international arbitration topics from the perspectives of economists and expert witnesses.
Fernando Jimenez Latorre Rejoins NERA
NERA Economic Consulting welcomes back Fernando Jimenez Latorre who has extensive experience in antitrust and merger control cases in the EU, as well as antitrust damage cases, with a focus on the EU, Spain, and other European jurisdictions. Mr. Jiménez’s experience spans a wide range of industries including energy, telecommunications, retail, and media. He has given expert testimony to administrative and court authorities, including the International Court of Arbitrage, and has advised Latin American competition authorities.
Prior to rejoining NERA, Mr. Jiménez was an Executive Director at the International Monetary Fund and at the World Bank in Washington, DC. Previously, he served as General Director for Competition for the Spanish Competition Policy Authority, Economic Counselor at the Spanish Permanent Representation to the EU (Brussels), and Secretary of State for the Economy for the Ministry of Economy of Spain.
NERA Expert Amanda Pletz Listed in Who’s Who Legal: Corporate Tax – Experts 2020
09 October 2020
New York—NERA Economic Consulting is pleased to announce that Associate Director Amanda Pletz was recently recognized as a leading practitioner in corporate tax by Who’s Who Legal.
The WWL: Corporate Tax – Experts 2020 directory lists individuals who provide expert advice and evidence on the acceptability of corporate tax practices and analysis on complex valuation issues in transfer pricing matters. These experts are recognized as the leading names in the global marketplace.
Ms. Pletz was described by her clients as a “go-to for transfer pricing” and an expert who is “extremely thorough, diligent and responsive” with a “strong understanding of the economics in a business context.”
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. The GAR Expert Witness Power Index is designed to help law firms find the best expert witnesses in international arbitration. 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.”
NERA Economic Consulting Announces Senior-Level Promotions
27 February 2020
New York—NERA Economic Consulting, a leading global provider of economic advice and analysis in business, legal, and regulatory matters, is pleased to announce Philip de Homont has been promoted to Director. In addition, Ralph Meghames, has been made Associate Directors.
Philip de Homont is an expert in transfer pricing and intellectual property valuation. He specializes in transfer pricing litigation support for international corporations and law firms. His passion is to prepare clear and concise reports for complex cases based on rigorous analysis. Mr. de Homont has extensive experience in defending licensing and valuation arrangements for intangibles. His recent cases covered transactions from brand licenses, profit splits for local distribution and sales companies, and the valuation of user data and relocations of functions. In the digital economy, he has introduced novel approaches for separating market and user intangibles from technical engineering and established methods to value platform intangibles.
Ralph Meghames is an economist in NERA’s Transfer Pricing, Intellectual Property, and Valuation Practices, based in Paris. Mr. Meghames’ work spans a wide range of industries for which he provides assistance in the context of advisory services, litigation, and international arbitration. He has extensive experience designing and implementing complex systems and models driving the allocation of profits at multinational companies.
NERA Experts Recognized in Who’s Who Legal: Arbitration 2021
15 December 2020
Who’s Who Legal: Arbitration 2021 singles out arbitration lawyers and expert witnesses renowned for their expertise in resolving complex international disputes. WWL’s research, along with nominations from peers and clients, identified 10 NERA experts as leaders in their field with expertise in both commercial and investor-state disputes. NERA expert were included in the Expert Witnesses section:
Dr. Richard Hern, Managing Director, was identified as “the first choice for quantum assessment” and described as “an absolutely fantastic expert witness” who is “excellent at cross-examination.” He was also praised for his “ability to engage in a constructive dialogue with the client and counsel” and his “very calm demeanour and razor-sharp responses.”
In addition, NERA experts were included in the WWL’s Future Leaders series as market leaders of the future and the top of their generation in international arbitration:
Tomas Haug, Managing Director, was described by his clients as “one of the best damages experts worked with” as well as “very thorough, always on time, and very intelligent.”
Erin B. McHugh, Associate Director, was recognized as a “very impressive” expert who “has extensive experience in valuation of financial products and business assets, and in the quantification of damages in arbitration proceedings.” She was “high[ly] recommended” by her peers and clients.
For over half a century, NERA experts have been central to client success in some of the world’s highest-profile disputes, regulatory proceedings, and business challenges. Our international arbitration experts help clients through all stages of the arbitration process, providing specialized expertise in both commercial and investment treaty arbitrations.
NERA Energy Experts Recognized in Who’s Who Legal: Energy 2020
09 July 2020
We are pleased to announce that six NERA experts have been recommended in the 2020 edition of Who’s Who Legal: Energy 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. This year’s directory “shines the spotlight on 80 experts recognized for their first-rate work across the energy sector. Their expertise includes pricing issues, providing expert testimony, and evaluating long-term energy contracts.” NERA Managing Directors Sean Gammons, and Tomas Haug, and Director George Anstey were all selected for inclusion in this edition.
1166 Avenue of the Americas
New York, NY 10036
Phone: 1 (212) 345 3000
Employer Type: Subsidiary
Stock Symbol: MMC
Stock Exchange: NYSE
President: Dr. Lawrence Wu
Chief Operating Officer: Sandra Ringelstetter
New York, NY (HQ)
25+ offices in 14 countries
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