GCR 100 2023

Keystone Strategy

Keystone Strategy

Professional notice

Global headsJeff Marowits, Jennifer Redmond and Cristina Caffarra
Home jurisdictionUS
Countries with competition specialists13
Continents with competition specialists4
Total number of economistsN/A
Competition economists106
Percentage of firm specialisedN/A
Who’s Who Legal: Competition nominees1
Group one10
Group two17
Group three40
Group four39
Lateral hires0
Internal promotions11

Keystone Strategy made waves in the European market in 2022 with a pair of major additions. It recruited Cristina Caffarra from Charles River Associates in July, who is tasked with steering a new digital markets-focused European competition economics practice. Five months later, the group brought in Andrea Coscelli, former chief executive of the UK’s Competition and Markets Authority. Caffarra is one of the continent’s most high-profile competition economists, while Coscelli presided over one of the world’s most interventionist antitrust enforcers when it comes to merger control. 

Co-headed by Jeff Marowits, Jennifer Redmond and now Caffarra, the consultancy counts on 19 economists, 27 affiliated academic economists and 99 non-economist affiliated academic and industry experts, allowing it to take on diverse and substantial competition assignments.

Keystone expert Susan Athey – who partnered with the consultancy over many years and was integral to the team’s work in Epic Games v Apple – was recently appointed chief economist of the Department of Justice’s antitrust division.

Nearly all the firm’s recent work is confidential, although it has been closely involved in many matters of importance to the digital economy, having acted for and against companies like Microsoft, Amazon, Apple, Google, Meta, News Corp and Uber.

Keystone | Economics, Technology & Strategy Consulting

Keystone is an innovative economics, technology, and strategy consulting firm helping to solve problems at the intersection of business, technology, and law. Leaders of top-tier law firms, global corporations, and regulatory agencies turn to our 20 years of experience in technology markets to calibrate their perspectives today and help cohere their vision for the future. We combine the strategic insights of leading experts from Harvard, Stanford, MIT, Wharton, and other top universities with the practical industry expertise of our accomplished consulting professionals.

Delivering transformative ideas through uncommon service

Founded in 2002, Keystone has worked at the forefront of influential technology matters changing consumer behavior and impacting society on a global scale. Our team brings an interdisciplinary approach to consulting, leveraging the expertise of our “triad” of focus areas: economics and data science, technology and engineering, and business strategy to deliver transformative ideas through uncommon service.

Since Keystone’s debut on the Global Competition Review’s annual ranking of consulting groups in 2020, we continue to offer a wide array of advisory work to some of the world’s most valuable companies, including digital platforms such as Facebook, Amazon, and Microsoft. Our firm has also done work evaluating antitrust theories of harm related to privacy and algorithmic markets. We work alongside competition authorities globally including those in the United States, United Kingdom, European Union, Australia, Japan, and Korea.

We greatly appreciate the previous recognitions from the Global Competition Review of Keystone’s unique approach to questions of competition in technology markets. To learn more about our team and our experience, visit

Website: www.keystonestrategy.com or www.keystone.ai.

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