The antitrust crackdown under President Biden’s administration has seemingly led to a business boom for law firms specializing in competition practices. For instance, a growing DC boutique, Rule Garza Howley, has surged from just five attorneys to a strength of 37 within two years. The firm, under the leadership of Charles ‘Rick’ Rule, a former co-chair of the antitrust group at Paul Weiss, has transitioned from an all-virtual establishment to opening an office in downtown Washington due to an increase in associates and counsel. Bloomberg Law
Interestingly, Rule Garza Howley is not the only firm witnessing an expansion in antitrust work. Firms such as Wilkinson Stekloff, and Weil Gotshal & Manges have been actively involved in defending Microsoft Corp.’s significant $69 billion acquisition of Activision Blizzard Inc., following the Federal Trade Commission’s challenge to approve the deal.
In similar instances, firms like Freshfields Bruckhaus Deringer, Paul Weiss, and Axinn Veltrop & Harkrider are standing as a legal wall for Google against a Justice Department action targeting its ad-technology business over accusations of illegal monopolization.
Big Law firms have witnessed large-scale hiring in the antitrust segment. For example, Freshfields recruited former FTC member Christine Wilson in February, indicating the current high demand for skilled legal professionals in the antitrust arena.
This trend can be traced back to the ambitious antitrust agenda of the Biden administration that has actively taken on tech giants through high-profile cases and has set a record for the number of merger challenges in the 2022 fiscal year.
The increasing interest in antitrust cases amongst law makers and the public has added to the upsurge in demand for experienced antitrust litigators. In Rule’s view, this wave of attention leads to opportunities for young attorneys to make indelible imprints in the evolving field of antitrust law.
Significant client deals driving the firm’s focus include clients like ExxonMobil and The Cigna Group. Alongside Davis Polk & Wardwell’s corporate team, they enabled ExxonMobil to close its $64 billion purchase of Pioneer Natural Resources Co. after the FTC declined to challenge the deal.
In conclusion, the antitrust wave in current times appears to be a professional vocation rather than an ideological one. Legal professionals are largely responsible for understanding and explaining their clients’ legal obligations in response to evolving antitrust laws and policies in the country.