What does this practice area consist of?
It is the role of a competition lawyer to ensure that markets function fairly, based on open competition. As those with a keen interest in economics may agree, a market with fairer competition is a more efficient market for all those involved. Importantly, UK and EU competition rules are closely intertwined. Yet, amid the UK’s divorce from Brussels, rules could quickly become agonisingly complicated between the two.
Competition authorities reserve the right to carry out “dawn raids” or impose heavy fines on companies believed to be violating competition law. If this is to occur, lawyers involved will be sure to have their work cut out for them. Ultimately, almost every corporate transaction will need to pass through competition laws.
Work typically involves the UK’s Competition and Markets Authority (CMA), or the EU’s European Commission. The CMA is typically the more proactive and litigious of the two regulators, while the European Commission prefers to dole out big fines to those in violation of competition rules.
What are the tasks of lawyers on these transactions?
•Advise on commercial agreements to ensure they can meet the thresholds of competition laws.
•Investigate into how a client conducts themselves commercially.
•Advise on cross-border trade measures.
•Investigate companies and advise on the application of ever-changing laws and regulations.
•Bring or defend claims into the Competition Appeal Tribunal.
•To protect the client’s rights in terms of access to documents and assisting with interviews.
•To prep evidence into a coherent narrative during investigations.
•The work typically involves research into market structures, and how authorities have approached these in the past.
•International travel is incredibly likely, especially to a political hub like Brussels.
What are the realities of the job?
•Junior lawyers hold little responsibility. These junior employees will be held to scrutiny by more experienced partners. If you are expecting a swathe of responsibility from the moment you take the seat, competition may not be a suitable seat.
•The work demands serious brainpower and commercial acumen. A dedication to keeping up with new regulations is required. Though, for those who believe they have the intellect to keep up, competition is certainly a stimulating area to develop your skills in.
•On top of this brainpower, a keen interest in economics and politics is certainly required. An understanding of how these intertwined topics can affect any regulations or transactions will certainly serve prospective competition lawyers well.
•Though hours should still be expected to belong, competition departments certainly face shallower peaks (and troughs) than the departments that they work alongside.
•As the name of the practice area ironically suggests, competition is an incredibly difficult area of law to break into. Many competition teams are comparatively small, resulting in fierce oversaturation for those wishing to qualify into the area.
•Lawyers often tend to switch between private practice and working for a regulator like the CMA.
Ten firms with a noted presence in this area:
• Allen & Overy
• Ashurst
• Cleary Gottlieb Steen & Hamilton
• Clifford Chance
• Freshfields Bruckhaus Deringer
• Herbert Smith Freehills
• Hogan Lovells
• Linklaters
• Macfarlanes
• Slaughter and May
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