I love it when people who literally get paid for promoting certain ideas accuse me of being beholden to “my clients.” I teach at an excellent, great-value, but non-elite law school in a flyover state. There are no clients.

“Substantially lessen competition” in §7 Clayton Act means higher prices; it's not a reduction in the number of firms unless the same phrase in §3 means something entirely different: tying is not illegal because it reduces the number of firms, but because it raises prices.

It is hard to overstate the impact Henry Manne had on judicial thinking. He made it significantly more rigorous and analytical. It is not surprising that today's antitrust activists want change, but it is depressing that they want to replace analysis with simplistic assertions.

As this article suggests, one thing we’ll hear during Google’s upcoming antitrust trial is that this case is just like the 90s-era Microsoft case. @DOJ will certainly make that claim. But there are key differences between the two cases, and they call for different outcomes. 🧵

This nails it. If DOJ wins this case -- which I do not think will happen -- we will be stuck with the EU "protect competitors, because that is how you protect competition" approach. If you measure competition by number of firms, that's fine; if you want innovation, not so good.

The FTC/DOJ were kind enough to gift us the 2023 Merger Guidelines for the holidays! How have they changed from the draft? What do they mean for dealmakers? Are they a lump of coal? We've unwrapped them and explained all that in a new blog. Check it out! blog.freshfields.us/post/102ivqa/u…

There is a smart and interesting thread here about the seen effects of the Biden antitrust regime. It is well worth reading and reflecting upon.

Big news Freshfields!

Happening Now: Fireside Chat with Commissioner Holyoak FTC with Christine Wilson Freshfields moderating. #atfallforum

Thank you, Mr. President. It will be the honor of a lifetime to serve.

Thank you President Trump. Under your leadership, American businesses will become stronger and more competitive, and will better serve workers and consumers, than ever before. I’m honored that you’ve chosen me to be FTC Chairman in your mission to make our country great again.

Some remarkable, last-minute, under-the-radar memory holing by the outgoing Biden DOJ Antitrust Division Antitrust Division. Somehow I didn't see this mentioned in Kanter's self-congratulatory exit monologue. 🧵 1/