Cornerstone Research is an economic and financial consulting firm that provides analysis and expert testimony in all phases of complex litigation and regulatory proceedings. The current CEO of Cornerstone Research is Oliver Richard.
About Cornerstone Research
Cornerstone Research is a leading economic and financial consulting firm founded in 1991. The firm has over 700 employees and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington.
Cornerstone Research provides analytical and economic consulting services to major law firms, corporations, and government agencies. The firm assists clients in all phases of complex litigation, regulatory proceedings, and internal investigations. Cornerstone Research’s services include financial analysis, damage quantification, expert testimony, regulatory filings, market research, and public policy analysis.
Some of Cornerstone Research’s key service offerings include:
- Antitrust and competition
- Bankruptcy and restructuring
- Commercial damages
- Corporate governance and compliance
- Intellectual property
- International arbitration
- Labor and employment
- Securities litigation and regulatory proceedings
Cornerstone Research has worked on many high-profile cases, including antitrust litigation against Microsoft, financial crisis lawsuits against banks, and the Deepwater Horizon oil spill litigation. The firm is known for its rigorous, academically-grounded approach to analyzing complex economic and financial issues.
History and Growth of Cornerstone Research
Cornerstone Research was founded in 1991 by three professors from Stanford University’s Graduate School of Business – Kenneth Elzinga, Daniel Rubinfeld, and David Teece. The founders aimed to provide academic expertise and insight to assist with complex litigation and regulatory issues.
In its early years, Cornerstone Research focused primarily on antitrust and intellectual property litigation. Throughout the 1990s, the firm expanded its services into new practice areas and industries. Cornerstone opened additional offices across the United States to serve clients nationwide.
Some key milestones in Cornerstone Research’s growth include:
- 1999 – Opened office in Menlo Park, CA
- 2003 – Opened office in Los Angeles, CA
- 2005 – Opened office in New York, NY
- 2007 – Opened office in Chicago, IL
- 2009 – Opened office in Washington, DC
- 2011 – Opened office in London, UK
- 2013 – Opened office in Silicon Valley, CA
- 2017 – Surpassed 700 employees
Today, Cornerstone Research continues to expand, hiring top talent and developing new service offerings for clients. The firm works on prominent cases in areas like securities, antitrust, and intellectual property. Cornerstone has established itself as a trusted economic and financial consulting firm.
Leadership and Management
Cornerstone Research has been led by several key executives over its history:
Founding Team:
– Kenneth Elzinga – Founding chairman, professor at University of Virginia
– Daniel Rubinfeld – Founding director, professor at NYU and UC Berkeley
– David Teece – Founding director, professor at UC Berkeley
Presidents and CEOs:
- Mark Bernstein (1991 – 1995) – First president
- Charles Snyder (1995 – 1997) – President and CEO
- Randy Livingston (1997 – 2002) – President and CEO
- Harsha Murthy (2002 – 2008) – President and CEO
- Mark Ostrau (2008 – 2015) – President and CEO
- Oliver Richard (2015 – present) – President and CEO
The current leadership team consists of:
– Oliver Richard – President and CEO
– Ravi Bapna – Chief Analytics Officer and Executive Vice President
– Ken Daly – Chief Counsel
– Alan Friedman – Chief Financial Officer
– Anupam Mathur – General Manager, Europe
– Janet Purdy – General Manager, Silicon Valley
– Rohit Savanur – General Manager, New York
– Jeffrie Zafar – General Manager, Washington DC
Oliver Richard – Cornerstone Research President and CEO
Profile
Oliver Richard has served as President and CEO of Cornerstone Research since March 2015. He has been with the firm since 1999 and previously held roles such as Principal and Vice President.
Richard has over 25 years of experience as an economics and antitrust consultant. His areas of expertise include competition policy, mergers and acquisitions, auction design, strategic pricing, and distribution practices.
He has provided expert testimony on antitrust matters related to major mergers, price fixing allegations, monopolization claims, and class certifications. His clients have included Fortune 100 companies across a wide range of industries.
Education
Richard received his Ph.D. in Economics from the University of Wisconsin-Madison. He also earned a B.A. in Economics and Political Science from Australian National University.
Leadership and Strategy
As CEO, Oliver Richard has focused on expanding Cornerstone Research’s services into new industry areas while deepening expertise in existing practices. He has also prioritized growing the firm’s European presence.
Under Richard’s leadership, Cornerstone has strengthened its leadership in economic and financial consulting for litigation and developed new service lines assisting clients with regulatory compliance matters. The firm has also grown its technology practice in recent years, serving prominent clients in tech-driven lawsuits and investigations.
Richard has emphasized building Cornerstone’s talent, recruiting top economists, financial analysts, and industry experts. The firm now has over 700 employees across its global offices.
Industry Recognition
During Oliver Richard’s tenure, Cornerstone Research has earned several honors for its work:
- Named “Competition Economics Firm of the Year” by Global Competition Review (2018, 2019)
- Received “Matter of the Year” recognition from The American Lawyer (2018)
- Ranked tier-one firm for antitrust and mass torts by Chambers USA (2015 – 2022)
- Named a “Best Place to Work” in economic consulting by Vault (2020, 2021)
Richard himself has been recognized as a leading competition policy expert, including:
- Who’s Who Legal: Thought Leaders – Competition (2017-2022)
- Who’s Who Legal: Consulting Experts (2015-2022)
- Expert Guides – Guide to the World’s Leading Competition and Antitrust Lawyers and Economists (2011-2022)
Cornerstone Research’s Impact and Work
Cornerstone Research has made major contributions in many impactful cases and regulatory proceedings over the past 30+ years. Some notable examples include:
Technology Antitrust Litigation
– Served as testifying experts in the U.S. antitrust case against Microsoft in the late 1990s and early 2000s.
– Provided economic analysis in the DOJ antitrust investigation of Google.
– Worked on Apple’s defense in an antitrust lawsuit brought by app developers.
Financial Crisis Litigation
– Assisted in securities litigation against major banks related to the 2007-2008 financial crisis. This included analyzing issues around mortgage-backed securities and collateralized debt obligations.
– Consulted on behalf of UBS in LIBOR manipulation investigations.
Intellectual Property Disputes
– Provided expert testimony on damages in high profile patent infringement cases, including Polaroid v. Kodak.
– Involved in copyright litigation between Oracle and Google over Java APIs.
– Assisted clients in trade secret misappropriation cases, such as Waymo v. Uber regarding self-driving car technology.
Energy and Environmental Lawsuits
– Worked on BP’s defense after the 2010 Deepwater Horizon oil spill, providing analysis on class certification and damages.
– Consulted on litigation related to alleged manipulation of natural gas prices in the early 2000s.
– Engaged by Volkswagen to estimate potential damages related to its diesel emissions scandal.
Consulting Services and Areas of Expertise
Cornerstone Research has extensive experience across a diverse range of practice areas and industries. Some of the firm’s major services and areas of expertise include:
Competition, Antitrust, and M&A
– Merger analysis, competitive effects, and remedies
– Cartels, price fixing, monopolization, and exclusionary conduct
– Class certification and damages in antitrust litigation
– Auction design and bidding strategy
Intellectual Property
– Patent infringement and validity issues
– Trademarks and trade dress
– Copyright and trade secret misappropriation
– Licensing and technology transfer
Securities Litigation and Enforcement
– Securities fraud class actions
– Accounting allegations and restatements
– Insider trading and market manipulation
– Regulatory investigations and enforcement actions
Financial Institutions
– Risk management, governance, and compliance
– Lending practices, credit quality, and loan performance
– Securities offerings, underwriting, and due diligence
– Regulatory enforcement related to financial practices
Commercial Disputes
– Breach of contract claims
– Business torts and unfair competition
– Class action consumer claims
– Bankruptcy and insolvency proceedings
International Arbitration
– Investment treaty disputes
– Commercial and business arbitration
– Contract breach and joint venture disagreements
– Expropriation of assets and intellectual property
Valuation
– Business valuation
– Intangible asset valuation (IP, brands, data)
– Transfer pricing and management fees
– Damage quantification in litigation
Offices, Culture, and CSR
Cornerstone Research has offices across North America, Europe, and Asia. Some details on its locations and culture include:
Office Locations:
– Boston, MA
– Chicago, IL
– London, UK
– Los Angeles, CA
– Menlo Park, CA
– New York, NY
– San Francisco, CA
– Shanghai, China
– Washington, DC
Employees: Over 700 employees worldwide
Core Values: Rigor, creativity, collaboration, diversity
Culture: Cornerstone cultivates a collegial, team-oriented culture while maintaining academic standards of excellence. The firm looks to hire intellectually curious professionals and empower them to grow and develop throughout their careers.
Corporate Social Responsibility: Cornerstone Research aims to have a positive social impact in addition to delivering value for clients. Some CSR initiatives include:
– Pro bono consulting on education access, housing policy, and environmental issues.
– Volunteering and skills-based initiatives, such as tutoring students in low-income areas.
– Charitable partnerships supporting communities where Cornerstone has offices.
– Efforts to promote diversity, equity, and inclusion in consulting and academia.
Conclusion
In summary, Cornerstone Research is a leading consulting firm specializing in economics and finance. Founded in 1991, the firm has grown to over 700 employees across eight offices globally. Cornerstone provides analytical support in complex litigation, regulatory matters, and investigations.
The firm’s current President and CEO is Oliver Richard, who has led Cornerstone since 2015. Richard has continued Cornerstone’s growth across new practices and industries while recruiting premier talent. Under his leadership, the firm has earned numerous honors and worked on many high-stakes cases.
With its rigorous, insightful approach, Cornerstone Research has established itself as one of the top economic and financial consulting firms over the past 30 years. The firm continues to take on prominent, challenging assignments while maintaining its academic excellence and collaborative culture.