Merger Clearance & HSR Review
Competitive-overlap analysis, Hart-Scott-Rodino filings, and management of second requests, including the economic story and the document production that let a transaction clear or close on workable terms.
Competition matters where a deal, a price, or a market position is the question: merger clearance, monopolization claims, and cartel defense, handled with the economic rigor and courtroom discipline these cases demand.
A reportable merger cannot close for 30 days after both sides file under Hart-Scott-Rodino, 15 for a cash tender offer, and a second request stops that clock until the parties have substantially complied, then restarts it for another 30. Most filings clear in that first window; the rest become a document production measured in months, which is why the overlap analysis is done before signing rather than after.
Closing or integrating before the waiting period ends is gun-jumping, and the civil penalty accrues daily, exchanging competitively sensitive data included. Horizontal price-fixing is unlawful per se, vertical restraints are weighed under the rule of reason, and a private plaintiff who proves either recovers treble damages plus fees, so market definition decides most of what follows.
We act for buyers, sellers and companies on either side of a conduct claim, in matters before the Department of Justice and the Federal Trade Commission and in the follow-on litigation that arrives with the decree in hand. The economist's model and the sales team's emails have to tell the same story, and we read both before the agency does.
Competitive-overlap analysis, Hart-Scott-Rodino filings, and management of second requests, including the economic story and the document production that let a transaction clear or close on workable terms.
Prosecuting and defending Section 2 and abuse-of-dominance claims over exclusive dealing, tying, refusals to deal, and predatory conduct, where market definition and competitive effects decide the case.
Defense of cartel, bid-rigging, and price-fixing investigations, from internal fact-finding and leniency and cooperation strategy to defense of the follow-on civil damages claims that shadow a government action.
Representation in matters before the DOJ and FTC, which means responding to civil investigative demands and second requests, negotiating clearance and remedies, and defending enforcement actions through resolution.
Counseling on distribution arrangements, pricing practices, and competitor collaborations, so that compliance is part of how a company operates and conduct stays on the right side of the line before a dispute forms.
Private antitrust damages litigation in state and federal courts, including class and individual actions, expert economic proof, and trial advocacy, with appeals and post-judgment strategy to defend a favorable result.
The 2023 Merger Guidelines presume harm where the post-merger concentration index exceeds 1,800 and rises by more than 100, or where the merged firm's share passes 30 percent with the same rise. Monopolization claims rarely survive on a share below half the market. The defense is a market definition the agency has to accept.
A successful private plaintiff recovers three times its damages plus attorneys' fees, and each defendant is liable for the whole award with no right of contribution. Claims must be brought within four years, a period suspended while a government case on the same conduct is pending and for a year after it ends.
A final judgment in a government antitrust case is prima facie evidence of the violation in every private suit that follows, unless it is a consent decree entered before testimony was taken. Settling with the agency on those terms is therefore also a decision about the class actions queued behind it.
Compliance with a second request commonly takes months, and the waiting period does not restart until the agency agrees that compliance is substantial. Parties sign timing agreements that give the agency extra time after certification in exchange for a defined review period, so the outside date in the merger agreement is drafted around that arithmetic.
The Hart-Scott-Rodino form in force since February 2025 requires a narrative of each competitive overlap and deal analyses prepared for the deal-team lead, not only those seen by officers and directors. A board deck that talks of eliminating a competitor reaches the agency before the economists do, so counsel reads drafts during the deal.
An FTC merger order typically binds for ten years, and a Department of Justice consent decree is entered after public comment under the Tunney Act, usually for a similar term. A divestiture must go to a buyer the agency approves, often named before closing, so the remedy is negotiated as carefully as liability.
Before anything is filed, we define the market the case will be fought over: competitive overlaps, share data, and the contemporaneous documents that will be read against you. The HSR filing or the responsive pleading is drafted around that economic story from the start.
A DOJ or FTC second request or CID lands, and the matter becomes a production campaign: custodians, data rooms, economist workpapers, and white-paper advocacy to the front office, all run under one protocol so nothing produced to the agency ambushes the private case.
Follow-on treble-damages suits, class certification fights, and the government action move at once. Expert economic proof on market power and effects is built once and defended everywhere, so Daubert, certification, and the merits share a single record.
The matter ends in a negotiated divestiture, a consent decree, a settlement, or a verdict and appeal. Because a decree can govern conduct for years, we scrutinize the remedy's terms as hard as liability, and we try the case when the terms aren't livable.
In antitrust, the economists write the brief and the emails write the record. We make sure both say the same thing.
The work that arises under four statutes. Section 1 of the Sherman Act reaches agreements that restrain trade, with horizontal price-fixing, bid-rigging and market allocation condemned per se and most other restraints judged under the rule of reason. Section 2 reaches monopolization and attempts at it, which require monopoly power or a dangerous probability of acquiring it plus exclusionary conduct. Section 7 of the Clayton Act reaches mergers whose effect may be substantially to lessen competition, enforced in advance through Hart-Scott-Rodino review. Section 5 of the FTC Act gives the Commission its own authority over unfair methods of competition. Private plaintiffs enforce the first three and recover treble damages and fees; the Department of Justice and the Federal Trade Commission enforce all of them, criminally in the case of hard-core cartels.
The matter at whichever stage it arrives. Before signing, that is the overlap analysis and the Hart-Scott-Rodino filing, including the narrative and document requirements of the form in force since February 2025. During review, it is the second request, the economist's submissions and the remedy negotiation. When conduct is challenged, it is the defense or prosecution of monopolization, exclusive-dealing and pricing claims in federal and state court, through class certification, expert discovery and trial. When a cartel inquiry opens, it is the internal investigation, the leniency decision and the follow-on damages defense, which has its own page within this practice. One partner holds the matter from the first document request to the last, so what is said to the agency and what is said to the court are the same thing.
Yes. We represent clients in antitrust matters before the Department of Justice and the Federal Trade Commission, responding to second requests and civil investigative demands, negotiating clearance and remedies, and defending enforcement actions. We act for the companies in front of the agencies, and we map regulatory exposure early so it is handled alongside any private litigation.
If the deal crosses the Hart-Scott-Rodino size thresholds, which are adjusted every year, both parties file and wait 30 days, or 15 for a cash tender offer, before closing. Most filings clear in that window. If an agency issues a second request, the waiting period is suspended until both parties certify substantial compliance and then runs for a further 30 days, and the parties usually sign a timing agreement giving the agency longer in exchange for a defined schedule. Closing or integrating before the waiting period ends is gun-jumping, penalized by a civil fine for every day of violation, and that includes exchanging competitively sensitive data or taking operational control early. The review ends in clearance, a negotiated remedy such as a divestiture to an approved buyer, or a complaint seeking to enjoin the deal, and the merger agreement's outside date and efforts covenant are drafted around each of those outcomes.
Cartel exposure is managed by acting early and deliberately. We conduct internal investigations to establish the facts, advise on leniency and cooperation where it serves the client, preserve and produce documents under a defensible protocol, and prepare a defense against follow-on civil damages claims that often shadow a government action. The goal is to contain the matter and protect the enterprise rather than react to it piecemeal.
Both. Many matters resolve through negotiated clearance, consent decrees, or settlement, which can be faster and easier on the business than a contested proceeding. But credibility at trial is what makes a favorable resolution possible, so we prepare every matter as if it will be tried, building the economic and documentary record, retaining the right experts, and keeping the option to litigate open through the verdict and any appeal.
Coordinated representation in multi-jurisdictional price-fixing and bid-rigging investigations, covering leniency strategy, parallel proceedings, and follow-on damages defense across borders.
Explore →Trial advocacy for complex business disputes, from breach of contract and commercial conflicts to the case management that keeps a dispute from draining operations.
Explore →Protection and enforcement of intellectual property rights, trade secrets, and proprietary information through litigation and dispute resolution.
Explore →Representation in futures and commodities disputes over unauthorized trading, account losses, and matters involving brokers and trading violations.
Explore →Arbitration, mediation, and other alternative dispute resolution, run to resolve the conflict without losing the business relationship.
Explore →Reviewed by Jonathan D. Herpy, Sr., Senior Partner · Last updated October 2026 · Educational overview · Not legal advice
One partner is accountable for the whole matter, and you have that partner's direct line. Chicago, London, and Dubai work to the same standard.