GCR 100 2023

Cornerstone Research

Cornerstone Research

Professional notice

Global headsBryan Ricchetti, Kostis Hatzitaskos and Liam Colley
Home jurisdictionUS
Countries with competition specialists2
Continents with competition specialists2
Total number of economists602
Competition economists153
Percentage of firm specialised25%
Who’s Who Legal: Competition nominees16
Group one24
Group two14
Group three63
Group four52
Lateral hires1
Internal promotions4

Cornerstone Research’s global antitrust practice is now co-chaired by UK-based senior vice president Liam Colley, who took on a leadership role upon joining the consultancy in June 2022 from AlixPartners. Chicago-based Bryan Ricchetti and Kostis Hatzitaskos also co-head the group, which has 153 competition specialists working on matters in the UK and the US. 

Most of Cornerstone’s recent merger control work is confidential, although Hatzitaskos was tapped by Meta to assist in the review of its $1 billion acquisition of Kustomer. Announced in November 2020, the deal finally closed in February 2022 after significant antitrust scrutiny from the US Federal Trade Commission, Australian Competition and Consumer Commission and European Commission. The consultancy also assisted both merging parties in EssilorLuxottica’s €7.2 billion acquisition of GrandVision, which closed in July 2021.

On the litigation side, the consultancy was tapped by Sutter Health to help it defeat claims it violated US antitrust law by tying the sale of services across certain inpatient hospitals and imposing contracts that prevented insurers from steering patients to lower-cost options. Sutter fought off the claims after Cornerstone helped it demonstrate that it lacked the prerequisite market power due to the competition it faces across northern California markets. The consultancy also helped McDonald’s defeat certification in proposed claims alleging that it entered into no-poach agreements to suppress wages and employment opportunities within the restaurant franchise system. The same Cornerstone team was also retained by Jimmy John’s in a different franchise no-poach case, again successfully fending off class certification efforts.

A quartet of Cornerstone economists supported Apple in its defence against monopolisation claims brought in California. Although a court found that Apple’s anti-steering provisions violated the state’s Unfair Competition Law, it found that the company does not have monopoly power in the market for mobile gaming transactions. 

Cornerstone Research provides clients with class certification, liability and damages assessments in a range of antitrust and competition matters. We have worked on antitrust litigation and investigations in the US as well as the UK, Europe and Asia.

Wide-Ranging Expertise

We work with parties and agencies in cases involving proposed mergers and allegations of anticompetitive horizontal conduct or monopolisation. Our consultants and testifying experts have demonstrated expertise in matters at the intersection of antitrust and intellectual property, as well as those involving financial and labour markets.

Robust Economic Analyses

Competition matters require robust economic analyses tied to real-world data. Our experts use qualitative and quantitative data to support effective narratives that speak to a wide range of audiences, from judges and juries to agency economists. We have extensive experience in constructing surveys, analysing market-based data, and critiquing survey methodologies. We regularly work with datasets containing billions of records.

GCR Matters of The Year

2022 marked the fourth consecutive year that GCR has honoured Cornerstone Research for its economic support in high-profile matters with global impact.  Cornerstone Research was retained by Apple to support three experts in Epic v. Apple, which won GCR’s 2022 awards for Matter of the Year and Litigation of the Year – Non-Cartel Defence. The case, which focused on Apple’s App Store, has been closely watched in litigation circles and by the mainstream media. GCR also recognised the firm for its work in securing antitrust approval for EssilorLuxottica’s acquisition of GrandVision, which won the 2022 Merger Control Matter of the Year – Europe.

About Cornerstone Research

Cornerstone Research provides economic and financial consulting and expert testimony in all phases of litigation and regulatory matters. The firm supports clients with rigorous, objective analysis. Working with an extensive network of leading academics, former regulators and industry specialists, Cornerstone Research identifies the most qualified experts for every case.

Founded in 1989, Cornerstone Research has always been guided by its core values – commitment to clients, experts, staff and to delivering consistently high-quality service. The firm has over 700 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley and Washington DC. 

Antitrust And Competition Leadership

Kostis Hatzitaskos, Co-head, Antitrust and Competition Practice
[email protected]

Bryan M. Ricchetti, Co-head, Antitrust and Competition Practice
[email protected]

Liam Colley, Head of European Competition Practice
[email protected]


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