ANTITRUST

Antitrust practice covers counseling, litigation, negotiation, filings, and other activities in relation to U.S. and international laws governing monopolies, price-fixing, and other anti-competitive activities.

Antitrust practice at a BigLaw firm can take many forms, including:

—Transactional:  This can include analyzing mergers and acquisitions for antitrust risk (for example, the merger of two large companies in a particular industry), completing the requisite filings and communications with the U.S. Federal Trade Commission (FTC) and Antitrust Division of the Justice Department under the Hart-Scott-Rodino Act before a merger is completed (referred to as “HSR filings”), preparing responses to “Second Requests” from the FTC or Antitrust Division (asking for more information regarding the possibility a merger can stifle competition in the market before a merger is completed), and other items.

—Litigation:  This can include defending companies against lawsuits brought by the FTC or Antitrust Division for antitrust violations (such as price-fixing, anticompetitive activity, or other items under the Sherman Act and/or other laws) or to block a merger, or civil claims brought by individuals, other companies, or as a class action for antitrust violations.

—Counseling:  This can include general counseling to clients on antitrust considerations for certain mergers, acquisitions, collaborations, franchising deals, or other transactions, under the Sherman Act.

Some BigLaw antitrust practice groups handle all three of these categories, while some primarily focus on one category.  At many firms, antitrust litigation matters are handled by the firm’s more general litigation team, whom may work on various types of cases.  

Antitrust teams at BigLaw firms often work closely with other practice groups, as many transactions are driven by antitrust considerations.  For example, a business may be required by the FTC or Antitrust Division action to divest a specific business line in order to avoid being anticompetitive in the market, in which case the antitrust team would work alongside the firm’s M&A team throughout the deal process. 

Because BigLaw firms serve large, international clients, many firms maintain an antitrust practice that spans multiple offices between the U.S., Europe, and beyond, covering antitrust law under the frameworks of the U.S., European Union (anchored mainly in Brussels), and other governing bodies.  For example, large mergers and acquisitions involving international companies are likely to require antitrust review from governing bodies in multiple countries.  (Antitrust law is generally referred to as “Competition law” in Europe and other countries.)  

Because U.S. antitrust law is driven by rules and actions of the FTC and the Antitrust Division of the Justice Department, many firms’ antitrust practices are heavily focused in Washington, DC (with some exceptions, of course).  Law students and lateral attorneys interested in antitrust practice will likely find more job opportunities in the Washington, DC market as compared to other locations.

Many antitrust attorneys are attracted to this practice area because it involves understanding the economics and background of a specific business or industry in-depth provides a rare combination of transactional, litigation, and counseling work.