Looking to make a lateral move into one of the “largest and most important hubs for antitrust in Europe”? We sit down with consultants at recruitment firm Marsden to find out everything you need to know.
Market Status
Chambers Student/Chambers Associate: What’s been the pattern when it comes to recruitment in antitrust/competition in Europe?
Alex Diez, Matt Moody and Luke Marsden: In recent years, several US firms have significantly increased their antitrust capabilities in Europe – mostly in London and Brussels. Several leading US firms have either established new European antitrust teams or significantly invested in growing their existing platforms. The larger, more established practices have been steady and mostly recruit to maintain their size and due to natural turnover.
Recruitment demand has picked up quite substantially since the new year, with US firms generally driving this activity, though we are also seeing roles with some UK and international firms too. The busiest teams are in the firms where the corporate practices are flying high and generating a lot of work for the antitrust teams.
CS/CA: Where are the hubs?
Diez, Moody & Marsden: Brussels and London are the largest and most important hubs for antitrust in Europe, though there are also quite active markets across the EU more broadly including in Italy, France, Germany and the Netherlands.
CS/CA: Where does the UK sit among those?
Diez, Moody & Marsden: The UK is a major and strategically important hub. Many teams are able to work across both UK (CMA) and EU (European Commission) matters out of London.
CS/CA: What about the US? Where are the hubs there?
Diez, Moody & Marsden: Washington DC is the main hub for antitrust lawyers in the US. Many firms also have significant practices in New York (a handful of large firms even have more antitrust attorneys in New York than in DC). The third strategic market is Northern California, which has experienced a lot of growth over the last decade or so as the US and EU antitrust regulators have increasingly turned their attention to the technology companies headquartered in Silicon Valley.
CS/CA: Why is it an exciting space to get into as a lateral? What does the practice offer?
Diez, Moody & Marsden: It’s a practice area that is receiving a lot of investment and attention at present, driven by increasing scrutiny on transactions from regulatory bodies like the European Commission.
It is typically a popular area to specialise in as there can be quite a lot of diversity in terms of the types of matters handled by different teams, with some leaning heavily towards the transactional side of the practice (mergers), and others very active in litigation and behavioural investigations. It’s a dynamic area of law given the need to keep abreast of geopolitics, economic markets, the rise of AI and tech and the globilization of of business.
Antitrust lawyers generally enjoy more geographic flexibility when compared to other practice areas. Lawyers will typically be able to consider opportunities across various European jurisdictions as well as APAC and increasingly the Middle East.
The UK and Europe
CS/CA: How much movement is there between the antitrust/competition hubs in Europe?
Diez, Moody & Marsden: The most common international movement these days is from various local EU jurisdictions into Brussels at the junior to mid-level, and from Brussels to London more at the mid-level. Though we do occasionally see people move directly from local markets (e.g. Paris) to London.
CS/CA: Are there any patterns emerging in the lateral movements between the European hubs?
Diez, Moody & Marsden: It is increasingly difficult to relocate into Brussels after the junior level, with most firms preferring to hire at the legal consultant / intern level and then promote internally. Most mid-level and senior recruitment prioritises people already based in the market – unless it is for a specific country team.
Lawyers with Brussels experience and an EU qualification are doing well in London, particularly as there are a number of teams in the city that are covering both EU and UK matters.
Australians/New Zealanders also continue to be successful in London antitrust teams – particularly with the global elite and US firms. We have also moved Canadian and South African lawyers to London in the larger competition teams.
The recipe for success
CS/CA: What sort of candidates stand out? What is it that makes for a great lawyer in the space?
Diez, Moody & Marsden: The most popular requirement across London, Brussels and the US is strong merger control experience, whether on private equity deals or on larger strategic M&A transactions. There’s also a demand for experience in foreign subsidies work.
Antitrust litigation recruitment is also active, but mostly amongst a smaller, select group of firms in London.
Occasionally, firms look for people with a very specific skill set - such as State Aid. Here the talent pool becomes smaller, and people who have gained substantial exposure to this type of work really stand out.
Fluency in European languages, such as French, Spanish or Dutch, can be helpful in standing out from the pool of candidates.
There is also increasing demand for antitrust lawyers with AI/technical literacy since tech/platform investigations are on the rise.
CS/CA: What pools of talent are antitrust/competition teams looking to draw from?
Diez, Moody & Marsden: Mostly other law reputable law firms in one of the major hubs, though we do see some interest in recruiting from the regulators such as the CMA and European Commission, as well as the Court of Justice for the European Union.
In London, teams regularly recruit from Brussels and Australia / New Zealand.
In the US, firms tend to recruit either from peer firms or from one of the antitrust regulators, either the DOJ or FTC.
CS/CA:Do some crop up more than others?
Diez, Moody & Marsden: We are seeing more interest from lawyers seeking to leave the CMA / European Commission and join large international law firms. This is largely driven by the rapidly increasing salaries for lawyers at the major firms.
CS/CA: Is there an ideal time to make the switch? Are firms more likely to hire junior, mid, or senior level associates?
Diez, Moody & Marsden: Most opportunities are around the 2-5PQE level, though some teams prefer to recruit more junior (1-3PQE). Senior opportunities are quite uncommon, and when they come to market they are very competitive.
The process
CS/CA: Does the recruitment process differ between the European hubs?
Diez, Moody & Marsden: It is very common to have a case study as part of the recruitment process in both Brussels and London. In other European jurisdictions such as France and Italy this is less common.
CS/CA: What’s involved in moving between them?
Diez, Moody & Marsden: For lawyers relocating to Brussels, they will typically have to register at the Brussels Bar – with most registering on the E-list (for EU-qualified lawyers). For those who are qualified in a non-EU jurisdiction (e.g. England & Wales), they can register on the B-list. However, the majority of firms prefer to recruit lawyers who are able to register on the E-list.
CS/CA: Do you see much movement between Europe and the US?
Diez, Moody & Marsden: No. The markets are quite separate and the type of work is also quite different. We see the occasional move between London/Brussels and Washington DC / New York, but this is mostly internally within their current firm, and usually as a secondment. The US market is very difficult to break into for attorneys trained outside of the country, though occasionally firms will hire Canadian or Australian competition lawyers.
Prospects
CS/CA: What’s on the horizon in antitrust/competition work? Why is it an exciting time to make the switch?
Diez, Moody & Marsden: As M&A activity picks up worldwide, notably within private equity, we can expect Antitrust teams to continue to be busy particularly amongst those firms with very strong corporate practices.
The regulatory environment (particularly for big tech) is also becoming tougher, and the European Commission in particular has a reputation for being a strict regulator. With relatively recently launched regimes such as the Digital Markets Act (DMA), major tech companies are facing increasingly more complex regulatory landscapes which is leading to plenty of work for the firms advising them. The Commission is currently reviewing merger guidelines, factoring in further considerations around innovation, scale, and resilience.
CS/CA: What opportunities does it offer long term?
Diez, Moody & Marsden: Antitrust offers good opportunities within private practice, in-house, or with regulators long term. There are new teams launching every year in London and/or Brussels creating more opportunities for those lawyers with an entrepreneurial spirit who want to be part of building something new. The larger, more established practices are also receiving increasingly complex mandates from their clients and teams are growing quickly, meaning more opportunities for those that want to work on the biggest, precedent setting deals.
On the in-house side, companies facing increased regulatory scrutiny as a result of regimes such as the DMA are seeking to bring talent in-house.
Advice
CS/CA: What advice would you have for an associate looking to make the move to competition/antitrust?
Diez, Moody & Marsden: It is a very competitive market and teams can be working on very different things, and have different preferences in terms of where they recruit from and what they expect to see from their candidates. Work with a trusted recruiter who can guide you through the complexities of the market.