GCR 100 - 15th Edition

Charles River Associates

Professional notice

With over 150 competition economists, Charles River Associates goes from strength to strength and boasts an impressive client list which includes tech giants Samsung and Google

  • Hired a new vice president from a leading competitor
  • Acts for Deutsche Bank in the Libor investigations and Visa Europe in the interchange fee case
  • Assisted in a US$11 billion merger in the airline sector
Global headMargaret Sanderson
Home jurisdictionUnited States, Europe
Total size of firm424
Competition economists152
% of firm specialised36
Who’s Who Legal nominees33
Part-time consultants0
Lateral hires2
Internal promotions3

2013 was a year of impressive growth at Charles River Associates (CRA), which welcomed nine economists to the firm. Although it did not welcome quite as many economists last year, it did make two notable senior hires, including that of Philip Kalmus from Compass Lexecon. An expert in communications markets, Kalmus joined the London office where he acts as a vice president in the antitrust and competition practice. Kai-Uwe Kühn, former chief economist at DG Comp, reaffiliated with the consultancy as a senior consultant. They join a highly regarded team that also includes Cristina Caffarra, a GCR ‘Economist of the Year’.

The firm has worked on several of the most prominent matters to face recent antitrust scrutiny, including advising Samsung in the European Commission’s investigation of potential abuse of dominance regarding injunctions, and Google in the US Federal Trade Commission’s investigation of its search function. The team has a number of other big name clients undergoing antitrust probes, such as Deutsche Bank in Libor investigations and Visa Europe on various interchange-fee issues. In litigation, Caffarra submitted expert reports on behalf of Dow in a rare cartel damages trial before the London High Court involving several synthetic rubber producers.

CRA has also had a busy year on the merger front, advising on the Refresco Gerber acquisition of Pride Foods. The European Commission was concerned that the transaction would remove an important competitor from the market of private label bottling of fruit juices, juice drinks, nectars and still drinks in numerous jurisdictions, but approved the deal after a divestment package was proposed. In the United States, CRA economists supported experts retained by the DoJ regarding the proposed US$11 billion merger between US Airways and American Airlines. A settlement agreement was reached that requires the airlines to divest significant numbers of slots and gates at key constrained airports across the country.

Antitrust & Competition Economics

Charles River Associates (CRA) provides economic analysis, advice, and testimony for antitrust and merger cases worldwide. Our clients include government agencies as well as law firms and their clients.

Global reach

With one of the industry’s largest global competition practices, CRA offers firms with multinational interests a single point of contact in each region to coordinate the work of tightly integrated transnational teams. We combine deep knowledge of local laws and regulations with extensive experience testifying before a wide range of courts and regulatory agencies, including the US Federal Trade Commission, the US Department of Justice, the European Commission, the Canadian Competition Bureau, the Australian Competition Tribunal, the Australian Competition and Consumer Commission, and others.

Impeccable credentials

Many of CRA’s competition economists have served in government antitrust agencies or are members of premier academic economics and law faculties. Published research by our academic affiliates has led to fundamental changes in how economists consider monopolization claims, vertical restraints, and mergers.

Industry insight

Our experience extends to many industries, including health care, energy, computer hardware/software, retailing, telecommunications, aerospace and defense, entertainment, transportation, natural resources, sports, chemicals, pharmaceuticals, financial services, and consumer products.

Superior analytics

CRA’s services include the assessment of liability-related issues, the determination of damages, the economic assessment of remedies, and the analysis of class certification issues. We are experts in applying economic approaches to the competitive analysis of a wide range of business conduct.

About Charles River Associates

Charles River Associates is a global consulting firm specializing in litigation, regulatory, and financial consulting, and management consulting. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. CRA is celebrating its 50th year anniversary in 2015.


Margaret Sanderson
Vice President and Practice Leader
[email protected]

North America
200 Clarendon Street
Boston, MA 02116-5092

99 Bishopsgate
London, EC2M 3XD
United Kingdom


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