Brattle Group

Brattle Group
Name	Brattle Group
Type	Private
Founded	1990
Founders	Robert M. Conroy; Michael A. Rothkopf
Headquarters	Cambridge, Massachusetts
Industry	Economic consulting
Employees	200–300

Brattle Group is an economic consulting firm founded in 1990 that provides expert analysis in regulatory proceedings, litigation, and public policy. The firm offers economic, financial, and statistical expertise to lawyers, utilities, corporations, and governments, and is regularly retained in matters involving energy markets, antitrust disputes, securities litigation, and valuation. Brattle operates alongside a range of financial consulting and economic research firms, engaging with institutions such as Federal Energy Regulatory Commission, U.S. Securities and Exchange Commission, and international regulators.

History

Brattle Group was established in 1990 by academics and practitioners seeking to bridge academic economics and applied litigation support, following trends set by predecessors like NERA Economic Consulting and Charles River Associates. Early engagements included electricity restructuring cases that involved entities such as PJM Interconnection, California Independent System Operator, and New York Independent System Operator. During the 1990s and 2000s the firm expanded its presence in Europe and Australia, responding to regulatory reforms in markets influenced by directives from the European Commission and institutions like the Australian Energy Market Commission. Brattle’s growth mirrored the rise of expert-driven litigation in high-profile matters involving firms such as Enron, American Electric Power, and utilities regulated by the Federal Communications Commission.

Services and Practice Areas

Brattle provides a suite of services in antitrust law, securities litigation, energy economics, and valuation work. Core offerings include damages quantification in matters involving corporations such as Morgan Stanley, Goldman Sachs, and JPMorgan Chase; market design and tariff analysis for operators like ISO New England and Edison International; and expert testimony before tribunals including United States District Court and arbitral forums such as International Centre for Settlement of Investment Disputes. The firm deploys econometric modeling, game theory, and financial economics—approaches rooted in methods used by academics from institutions such as Harvard University, Massachusetts Institute of Technology, and London School of Economics. Brattle also advises on regulatory strategy related to agencies such as Federal Energy Regulatory Commission, California Public Utilities Commission, and Ofgem.

Notable Cases and Engagements

The firm has been engaged in numerous high-profile matters across sectors. In energy markets, it has provided analysis in disputes involving PJM Interconnection capacity markets and reviews connected to California electricity crisis litigation. In finance, Brattle experts have been retained in securities and derivatives litigation associated with institutions like Lehman Brothers and Citigroup. The firm has submitted expert reports and testimony in antitrust and merger reviews involving companies such as AT&T, Comcast, and Bristol-Myers Squibb, and in valuation disputes affecting ExxonMobil and Shell. Brattle’s work has appeared in arbitration under rules of International Chamber of Commerce and in cases before appellate panels of United States Court of Appeals for the Second Circuit and Ninth Circuit Court of Appeals.

Organization and Leadership

Brattle is organized into practice groups spanning energy markets, finance, and antitrust, with offices in North America, Europe, and the Asia-Pacific region. Leadership has included senior economists drawn from academia and regulatory bodies, many with affiliations to universities such as Stanford University, Princeton University, and University of California, Berkeley. Partners and principals have briefed lawmakers and regulators including members of United States Congress committees, and have testified before panels of the Federal Energy Regulatory Commission and legislative bodies like the European Parliament committees on industry and competition. The firm’s governance follows structures common to private professional service firms, with partner-led management and advisory boards that include specialists from institutions such as Yale University and Columbia University.

Research, Publications, and Thought Leadership

Brattle produces white papers, working papers, and peer-oriented analyses on topics at the intersection of energy policy, market design, and financial economics. Its publications address issues such as market power in wholesale electricity markets, valuation techniques for intangible assets, and the economic impacts of regulatory reforms, drawing on methods found in journals like American Economic Review and Journal of Finance. Brattle scholars collaborate with researchers at National Bureau of Economic Research, contribute to conferences hosted by IEEE and the Association for Public Policy Analysis and Management, and publish commentary used by stakeholders including International Energy Agency and utilities such as Pacific Gas and Electric Company.

Criticism and Controversies

As with many expert consulting firms, Brattle has faced scrutiny over potential conflicts of interest, transparency of assumptions in expert reports, and the influence of paid testimony on regulatory outcomes. Critics have compared practices to issues raised in cases involving big law firms and consulting arms such as those at McKinsey & Company and Boston Consulting Group, arguing for clearer disclosure standards in proceedings before bodies like the Federal Energy Regulatory Commission and Securities and Exchange Commission. Defenders note that Brattle’s methodology is grounded in published economic techniques and subject to cross-examination in courts and tribunals including United States District Court for the Southern District of New York and international arbitral panels.

Category:Economic consulting firms