Jeffery Stec

Co-chair Economics & Damages at Berkeley Research Group, LLC
Ranked in United States: Expert witnesses
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Maximising the value of its clients’ intangible assets is the mission of Berkeley Research Group, and it achieves this goal with finesse in big-ticket transactions and high-stakes litigation. Teamwork is a key ingredient in the outfit’s success, with one especially effective pairing being formed by Cathy Lawton and Joshua Lathrop; they have recently been supporting Genentech and Williams & Connelly in providing analysis of Genentech’s reasonable royalty damages attributable to Def’s alleged infringement of three patents related to Amgen’s at-risk launch of MVASI, a biosimilar version of Genentech’s Avastin. Lawton and Lathrop bring vast experience to the firm; the former is noted for her broad compass and proficiency in intellectual property and other types of litigation; the latter knows the ITC extremely well. Lawton has also linked up with David Teece on a recent case relating to certain functionality used in WiFi chips in smart devices. Teece co-founded BRG and is an eminent economist who has made a huge contribution to the field as an academic and practitioner. Other big names on the roster include Jeffery Stec and William Kerr. Leader of the IP practice Stec has “a keen mind and lots of experience and brings worldly wisdom to his matters. He demonstrates all the professional skills and talents you hope to see, as well as a sense of humour that makes working with him easy and enjoyable”. Kerr has testified many times and is a fount of insight and analysis when it comes to IP damages.

Jeffery Stec's Profile

Jeffery Stec is a managing director, leader of BRG’s IP practice and co-leader of its economics and damages community. He has worked extensively over the past 20 years in the areas of antitrust, finance, intellectual property and survey research as both a consulting expert and an expert witness.

In the area of intellectual property, Dr Stec has conducted economic and econometric analyses to determine the value of intellectual property and the amount of economic damages resulting from patent, trademark, trade secret or copyright infringement. He has addressed economic issues such as the appropriate measurement of revenues associated with the use of the infringing intellectual property, the portion of those revenues that can be attributed to the intellectual property, and whether the apportionment can be regarded as reasonable. He has evaluated economic and survey research issues in the context of Section 337 investigations conducted by the US International Trade Commission (ITC). He has evaluated the effects of anticompetitive conduct as it relates to the use of intellectual property.

In the area of survey research, Dr Stec has both created and critically evaluated surveys in the context of antitrust and IP engagements. He has developed complex sample designs, designed survey questionnaires, and collected and analysed survey data, including the derivation of complex variance estimates using simulation methods. He has conducted surveys that have been used to determine consumers’ perceptions and actions in the marketplace. He has also examined how products are used in the marketplace and how consumers value product features.

Dr Stec has presented his research at the annual meetings of the American Statistical Association, the American Association of Public Opinion Research, the Midwest Association of Public Opinion Research, as well as other academic and trade association conferences. He has also published articles and book chapters on IP-related topics, including topics dealing with patents. Dr Stec has testified in district courts, state courts, arbitration tribunals and at the Copyright Royalty Board, the PTAB, the TTAB and the ITC.

Firm Profile

Berkeley Research Group (BRG) is a global consulting firm that helps leading organisations advance in three key areas: disputes and investigations, corporate finance, and performance improvement and advisory. We have over 1,200 professionals worldwide who provide independent and objective economic analyses, litigation support and expert testimony on prominent litigation cases in court proceedings, arbitrations and mediations, and before governmental agencies.

IP overview

BRG’s IP practice is led by Chicago managing director Jeffery A Stec. Our experts excel in advising clients on how effectively to develop, manage, value, monetise and protect their intangible assets in the face of high-stakes litigation, important strategic decisions, business transactions, structured finance, commercialisation, wrongful transfer of assets and/or compliance issues. Our experts’ experience in litigation covers a wide range of IP disputes, including allegations of patent, copyright and trademark infringement, and theft of trade secrets. Our experts regularly testify on damages, injunctions, irreparable harm and commercial success. They also deal with the IP aspects of tax and international trade disputes, as well as breaches of contract and technology agreements.

Our experts have worked on some of the world’s largest patent infringement, trade secret misappropriation and copyright infringement cases for both plaintiffs and defendants. They have special experience and expertise in issues raised when patents must be practised to comply with technical standards and on matters involving intellectual property and antitrust.

What we do

Our experts advise our clients on how effectively to develop and realise the value of their intangible assets through the execution of IP strategies, which includes the assessment and valuation of their intellectual property. Our experts have a wealth of IP valuation and IP strategy experience across a wide range of industries and technology areas.

Our experts also advise on all stages of litigation, including the development of quantitative financial models related to lost profit and reasonable royalty damages, prejudgment interest and competitive aspects of relevant markets. They frequently deliver testimony on these issues in federal and state courts, before the US International Trade Commission (ITC), Copyright Royalty Board, Federal Trade Commission, as well as other government organisations, and before domestic and international arbitration panels.

Our services include:

  • asset management and valuation;
  • assessment of economic harm or damages from infringement or misappropriation;
  • evaluation of economic factors related to injunctions;
  • development of strategic licensing programmes and market intelligence;
  • definition of relevant IP and antitrust markets;
  • misuse and antitrust claims related to intellectual property;
  • price erosion and suppression claims;
  • royalty audits and compliance;
  • transfer pricing;
  • ITC Section 337 matters;
  • royalties and economic impact of RAND and FRAND commitments;
  • evaluation of commercial success;
  • economic significance of Hatch-Waxman settlements; and
  • irreparable harm analyses. 

Recent awards

Global Competition Review (GCR) has ranked BRG in the GCR 100 and in its Economics 23 for the 10th consecutive year. Chambers ranked BRG as a Band 1 Firm for global Economic Analysts in its 2021 Litigation Support guide. The firm also has numerous experts listed in Who’s Who Legal (WWL) with WWL ranking professionals “for their impressive work across a wide variety of matters including valuations, compliance issues, and are well versed at giving testimony on commercial disputes”. In addition, Forbes named BRG as one of “America’s Best Management Consulting Firms” in 2021.

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