opportunities at compass lexeconcompass-lexecon.s3.amazonaws.com/prod/cms... · at compass lexecon,...

oPPoRtuNItIEs At CoMPAss LEXECoNcompasslexecon.com

At Compass Lexecon, we believe that critical economic issues – whether in connection with litigation, regulatory review, strategic planning or other corporate activities – are best understood when subjected to rigorous empirical analysis. Our fi rm is known for developing a thorough understanding of the issues that our clients face, relating those issues to relevant economic theory and then supporting our analysis with solid and persuasive empirical evidence. One of our most valuable assets is our ability to present complex concepts and data in an understandable manner. The success of our clients in precedent-setting matters validates our approach.

BRINGING CLARITY TO THE COMPLEX | Opportunities at Compass Lexecon 1

About usOne of the world’s leading economic consulting firms, Compass Lexecon provides law firms, corporations and government clients with clear analysis of complex issues.

Our experience and expertise apply to virtually any question of economics, in virtually any context of the law or business. Our experts and staff are known for developing a thorough understanding of the issues that our clients face, relating those issues to relevant economic theory, supporting our analysis with solid and persuasive empirical evidence, and presenting our findings in an understandable manner.

Compass Lexecon provides expert economic advice on competition policy, antitrust, securities, intellectual property, accounting, international arbitration, valuation and financial analysis, bankruptcy and financial distress, derivatives and structured finance, class certification and other matters across a broad range of industries including securities and financial markets, telecommunications, energy and natural resources, transportation and retail. Our clients include Fortune 500 corporations, major law firms and government agencies.

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ouR EDGEWhat makes Compass Lexecon different from other economic consultancies?

• Sought-after expertise: Our award-winning practices are led by some of the most recognized and respected economic thinkers in the world.

• Culture: We offer a friendly, supportive and collaborative environment – one in which everyone is able to contribute and excel.

• Experience: Our collective expertise enables us to undertake the largest, most complex global projects and deliver unparalleled expert advice to our clients.

• Size: We are one of the world’s largest economic consulting firms with more than 400 employees globally.

• Global reach: We have 18 offices across three continents and have advised clients before regulatory agencies and courts in dozens of countries.

WHAt DoEs tHIs MEAN FoR You?By joining Compass Lexecon you will become part of a high-caliber team, work on interesting and challenging projects and see how economic analysis can be used to infl uence real-world outcomes.


IrEnE ChEn AnALyst, neW yOrk

“ I joined Compass Lexecon in 2013 after graduating from Princeton University with a B.s.e. in Operations research and Financial engineering and a certificate in Applications of Computing. I wanted to be in a stimulating environment that encourages learning, provides the opportunity to experience a wide variety of projects and has a great culture at the office. Compass Lexecon has provided all of that in the time I’ve worked here. Clients of the projects on which I’ve worked include banks, the Department of Justice and hedge funds. My work consists of both qualitative research and quantitative data analysis. In addition, one of the most rewarding aspects of being an Analyst is you can clearly see your work in the finished product. It’s great to know that your work is important. All of this, as well as my friendly co-workers who I’ve enjoyed working with and getting to know, has contributed to my positive experience at Compass Lexecon.”

ouR PEoPLEWe have a professional staff of more than 400 individuals, including 135 highly skilled Ph.D. economists and econometricians and more than 160 other individuals with advanced degrees.

Our practices are led by some of the most recognized and respected economic thinkers in the world, including six former chief economists of the Department of Justice’s Antitrust Division and two former chief economists of the securities and exchange Commission. We maintain relationships with numerous high-profile academic affiliates, including nobel Prize winners.

SEan MandEll AnALyst, OAkLAnD

“ I graduated from stanford University with a degree in economics in 2013. After graduation, I joined Compass Lexecon as an Analyst to continue learning about economics in an applied setting. I have really enjoyed my experience thus far and have worked on a variety of projects, from researching and creating economic arguments, to analyzing data for econometric models, to sitting in on a trial in the event my case-specific expertise was needed during cross-examination of our expert. Industries I have worked on have run the gamut, including sports, finance, electronics and beverages. I continue to build writing, critical thinking and data software skills, and have gained useful insights into how business, law and policy interact in the real world. to top it off, my co-workers are great to work with and I do fun things with other Analysts outside of work all the time.”

MIhIr naraIn senIOr AnALyst, WAshIngtOn, DC

“ I joined Compass Lexecon as an Analyst in 2011 upon graduating from georgetown University with a bachelor’s degree in International economics. I have relished the opportunity to collaborate and learn from leading experts and economists on a range of antitrust issues, from high-profile mergers in the telecom industry to price-fixing litigation matters in the concrete and freight rail industries. I have constantly been encouraged to push myself and have seen my hard work rewarded with larger and more fulfilling responsibilities in my casework. My time at Compass Lexecon has been characterized by opportunities to both learn from and teach my co-workers, and I can’t think of a better way to start a professional career.”

MarGarEt hlEbowItSh eCOnOMIst, ChICAgO

“ Prior to working at Compass Lexecon, I obtained a B.A. in economics and Mathematics from northwestern University. I joined the Compass Lexecon Chicago office as an Analyst and advanced to senior Analyst on our research staff. In early 2013, I was promoted to economist. When I was completing my job hunt, Compass Lexecon stood out as a business that values professional as well as intellectual development. I have not been disappointed. My day-to-day work at Compass Lexecon has been varied and challenging. From my first day as an Analyst, I have had the opportunity to analyze, across many industries, economic issues relating to valuation, solvency, securities litigation, mergers and acquisitions, insider trading and antitrust. I have enjoyed working alongside brilliant, motivated and helpful colleagues in a collaborative working environment.”


ouR WoRKWe provide expert economic advice in a myriad of areas in dozens of jurisdictions and in a broad range of industries.

us AIRWAYs AND AMERICAN AIRLINEs sEttLEMENtUs Airways and American Airlines reached a proposed settlement with the Department of Justice and several states to end the litigation challenging their merger, which will create the world’s largest airline and generate over $1 billion in estimated annual synergies. We advised both Us Airways and American Airlines on the merger, submitting multiple white papers and making several presentations during the DOJ investigation of the matter, culminating with the submission of four expert reports as part of the litigation.

GooGLE INC. CLAss C sHAREHoLDER LItIGAtIoN Plaintiffs alleged that google’s proposal for the issuance of a new class of non-voting stock was detrimental to existing Class A shareholders. We submitted expert reports and testified on behalf of google, demonstrating that the economic evidence did not support Plaintiffs’ claims; the proposed recapitalization was comparable, or more favorable, to the shareholders than recapitalizations by other companies that have issued similar stock. the parties entered into a Memorandum of Understanding, and the settlement was approved by the Court.

Our work is marked by variety, which means that you will work on cases in an array of industries and practice areas. each case presents new challenges and opportunities to develop your skills and knowledge.


oFFICEMAX AND oFFICE DEPot MERGERthe U.s. Federal trade Commission provided regulatory clearance for the merger of OfficeMax and Office Depot. We performed detailed econometric analyses of the competitive retail price effects of the transaction and the merging parties’ pricing. the analysis concluded that there was no systematic evidence that the proposed merger would result in higher retail prices, a finding that was presented to the FtC and ultimately cited as one of the main reasons to clear the merger.

At&t ACquIsItIoN oF LEAP WIRELEssthe Federal Communications Commission approved the spectrum license transfers required to complete At&t’s $4 billion acquisition of Leap Wireless. We provided economic analysis in support of the regulatory reviews at both the FCC and the Department of Justice. We demonstrated that the transaction would provide substantial consumer benefits while generating minimal upward pricing pressure in a properly defined mobile wireless services market, and that the transaction presented no issues related to spectrum concentration or other competitive concerns.

REPsoL $5 bILLIoN sEttLEMENtCompass Lexecon assisted repsol with quantifying damages in its ICsID arbitration claim due to the nationalization of its majority equity investments in Argentina. Due to complex ownership structure and shareholder agreements, the assessment involved the application of several valuation methodologies. We developed supply and demand equilibrium frameworks in the context of both regulated and unregulated prices on wellhead oil and gas markets. the case was successfully settled with Argentina’s payout of $5 billion.

CoX RADIoCox enterprises consummated a short-form merger wherein its subsidiary, Cox Media group, acquired the shares of Cox radio stock it did not own at a price of $4.80 per share. Petitioners alleged that the share price substantially underestimated the value of their shares. We analyzed the fair value share price and provided expert testimony on behalf of Cox radio. the court accepted our valuation model and found it to be “more reliable generally” than that of the Petitioners.

bANK oF AMERICA $8.5 bILLIoN sEttLEMENt APPRoVAL HEARINGCompass Lexecon was retained by counsel for Bank of new york Mellon to evaluate a proposed $8.5 billion settlement between 530 trusts and Bank of America. numerous investors in the trusts lodged objections claiming the settlement was unfair. We provided expert reports and testimonies showing that the lack of conflict, the substantial uncertainty about the value of the claims, and the market participants’ reaction to the proposed settlement supported its fairness. the settlement was approved by the judge.

sEAMLEss NoRtH AMERICA AND GRubHub MERGERseamless north America and grubhub, the largest providers of online restaurant discovery and food ordering services, sought to merge in mid-2013. We provided economic analysis of the transaction, including a written submission, and helped the parties gain regulatory clearances from the Department of Justice. Our competitive effects analysis addressed relevant markets for online ordering, the relevance and magnitude of network effects in a two-sided market, and detailed empirical analysis of commission rates across cities and over time.

“ Compass Lexecon has provided me with the opportunity to be involved with challenging and interesting work that focuses on some of the most important issues in the market.”

George Wang, Senior Analyst, New York

“ I’ve developed technical abilities, in-depth industry knowledge and client-facing skills that will no doubt be helpful in my future pursuits.”

Constance Kelly, Analyst, Chicago

“ My experience has been driven by the support of my colleagues. Their trust and passion for what they do have made a work environment for me that is dynamic and enjoyable and has been a great place to grow my professional career.”

Ara Demirjian, Analyst, Pasadena


YouR CAREERFrom day one, you become an integral part of the project team with the crucial role of helping clients understand the fundamental economic issues underlying the case. this involves researching and applying economic theory, supporting it with empirical analysis and communicating advice to the client in a clear and concise way.

Our Analysts usually join us after obtaining a bachelor’s or master’s degree in a quantitative field from a leading university.

As an Analyst at Compass Lexecon, you will be responsible for:

• performing industry and market research

• reviewing economic literature

• collecting and understanding client and market data

• conducting empirical and econometric analysis

• drafting presentations, reports and memos

• participating in meetings and conference calls with clients

you will be surrounded by a bright team of like-minded individuals and work closely with senior staff. Analysts are expected to demonstrate initiative, sound analytical judgment and strong qualitative skills. With experience, training and close collaboration with senior economists, our Analysts go on to become skilled economists capable of recommending and implementing appropriate research and analysis in support of complex cases.

economist positions are also available to individuals with a Ph.D. in economics or other advanced degrees from a leading university or several years of work experience in a related field. Compass Lexecon offers a collegial, friendly and collaborative environment. We have an inclusive and inquisitive culture – one where everyone is able to ask questions, take on new challenges and develop their career.


By joining Compass Lexecon, you open the door to a career in economic consulting, working alongside some of the sharpest minds in the field. We pride ourselves on being a meritocracy with a flat, non-hierarchical structure, recognizing that our success is based on the talent of our people. We are dedicated to investing in your development with training that is tailored to your needs.

Our Analysts also move on to top business schools, law schools and graduate programs. the analytical and research skills gained at Compass Lexecon serve as highly effective preparation for graduate studies. Additionally, Analysts gain the experience and credentials to pursue a wide variety of professional careers in finance, consulting and the public sector.

AN EXPERIENCE tAILoRED to YouCompass Lexecon is a dynamic, growing company that provides you with the skillset and credentials to excel.


WHo WE’RE LooKING FoRWe seek highly analytical candidates with excellent communication skills. A strong command of excel and programming skills in sAs and stata are also valued. While most people apply in the fall, we welcome applications throughout the year. We do not have a fixed allocation for new hires each year.

InternsInternship start dates and durations are flexible, but typically interns join us in the summer for eight weeks before their final year of studies or in-between degrees.

analystsOur Analysts usually join us after obtaining a bachelor’s or master’s degree in a quantitative field from a leading university.

Economistseconomist positions are available to individuals with a Ph.D. in economics or other advanced degrees from a leading university or several years of work experience in a related field.

joIN ouR tEAMCompass Lexecon offers opportunities to exceptional individuals with strong educational backgrounds in a quantitative field.


WE CAN oFFER You• Competitive salary and benefits

• A wide variety of interesting and challenging projects

• high-caliber teams with a broad range of backgrounds and experience

• A blend of professional and academic environments

• the opportunity to work with top corporations, law firms, government bodies and academics

• A very steep learning curve, coupled with a supportive and collaborative team

• the opportunity to contribute in a meaningful way from day one and take on significant responsibility over time

HoW to APPLYWe hope we have given you insight into working at Compass Lexecon. If you have more questions, please visit our website or find us on Facebook. If you think Compass Lexecon could be the place for you, then we would love to hear from you.

www.compasslexecon.com/careers

to apply, send a cover letter, resume and academic transcript to the recruiting email address of the office of your preference.

compasslexecon.com Compass Lexecon is a wholly owned subsidiary of FTI Consulting, Inc., a global business advisory fi rm.

GLobAL REACH

UnItEd StatESBoston200 state st.9th FloorBoston, MA 02109

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