Stephen C. Mavroghenis


Stephen Mavroghenis is head of Shearman & Sterling’s Brussels office and head of the Global Antitrust Group. His practice focuses on competition law and policy.

Stephen has extensive experience in the aviation, chemicals, energy, high-tech and information technology, pharmaceuticals and medical devices, manufacturing, and media and entertainment industries. He regularly appears in proceedings before the European Commission and the European Courts in Luxembourg. He also appears before the national competition authorities of several member states. Stephen regularly advises multinational corporations on international mergers, acquisitions, joint ventures and corporate takeovers and defends clients against allegations of cartel participation and abuses of dominance, including issues relating to refusals to deal/license, intellectual property rights, rebates, predatory and excessive pricing. Stephen also regularly counsels clients on a broad variety of business practices including licensing and supply agreements, distribution, agency and the establishment and maintenance of compliance programs.

Stephen has published widely on competition issues and is a contributor to multiple legal publications, and is a frequent speaker on competition law and policy.

Stephen is consistently ranked among leading antitrust specialists in peer review rankings and is named as a leading competition lawyer by Global Competition Review, Chambers, Legal 500, and the International Who’s Who of Competition Lawyers. Stephen was also named in 2012 as one of the Global Competition Review’s “40 under 40” of the world’s brightest young antitrust lawyers and has been recognized by Chambers Global as ‘one of the best lawyers of the younger generation’.

Selected Experience

  • Major Asian manufacturing company.  Representing in the European Commission’s current cartel capacitors investigation (ongoing).
  • Viacom and Paramount Pictures.  Assisted in reaching an early and satisfactory resolution with the European Commission on its cross-border pay-tv investigation (2016).
  • Piraeus Bank.  Advised on the State aid aspects of its EUR4.9billion restructuring and recapitalization (2015). 
  • Eurobank.  Advised on the State aid aspects of its EUR2.04 billion restructuring and its recapitalisation (2015).

Publications & Speaking Engagements


  • Aid in the Banking Sector”, EU State Aid Control: Law and Economics, Wolters Kluwer (December 2016).
  • EU Cartels & Leniency.”  The EMEA Antitrust Review 2017, Global Competition Review, Co-author.
  • The EU General Court annuls the Commission’s decision fining a number of cargo airlines for a price fixing cartel (Airfreight Cartel)”, Concurrences (January 2016), Co-author.
  • “EU Cartels & Leniency.”  The European Antitrust Review 2016, Global Competition Review. Co-author.
  • “EU Cartels & Leniency.”  The European Antitrust Review 2015, Global Competition Review. Co-author.
  • “Merger Remedies: An overview of EU and national case law.” e-Competitions, Antitrust Case Law Bulletin (May 2014). Co-author.
  • Margrethe Vestager: The new EU competition Commissioner” CompLaw 360 (October 2014), Co-author.
  • “Takeaways from appeal of UK hotel bookings settlement” CompLaw 360 (October 2014), Co-author.
  • “Can EU states do whatever they want to foreign takeovers?” CompLaw 360 (September 2014), Co-author.
  • “The EU General Court gets a rap in its knuckles”, in Law360, Co-author (2014).
  • “EU Cartels & Leniency.” The European Antitrust Review 2014, Global Competition Review. Co-author.
  • “What is the legal basis of the EU cap of bankers’ bonuses?”, in City AM, London (2013).
  • “European Union Competition and Cartel Leniency.” Practical Law Multi-Jurisdictional Guide 2012, Competition and Cartel Leniency, PLC.
  • “Recent Developments in EU Merger Control 2012.” Journal of European Competition Law & Practice. Co-author.
  • “Recent Developments in EU Merger Control 2011.” Journal of European Competition Law & Practice (November 2010). Co-author.
  • “Public Funding of Broadband Services.” Global Competition Review—The European Antitrust Review 2007 (September 2006). Co-author.
  • “Predatory Pricing.” Global Competition Law Centre (2005). Co-author.
  • “Rescue & Restructuring Aid: A Brief Assessment of the Principal Provisions of the Guidelines.” European State Aid Law Quarterly (2003). Co-author.
  • “European Commission Consults on Technological Transfer Proposals.” European Regulatory Affairs News (2003).
  • “EU State Aid Overview.” Global Competition Review—The European Antitrust Review 2004. Co-author.


  • EU State aid Control: Law and Economics, Banking Sector.  Wolters Kluwer Law & Business (2015).  Co-Author.
  • The EC State Aid Regime—Distortive Effects of State Aid on Competition and Trade, the Market Investor Test. Cameron May (2006). Co-Author.

Speaking Engagements:

  • Cartel Settlements” and “Q&A Clinic”, IBC Legal Advanced EU Competition Law Conference (Brussels, November 2016).
  • Regulation of platforms and the digital single market” (panelist), IBC Legal Competition Law and Regulation in the Telecoms, Media and Technology Sector Conference (Brussels, October 2016).
  • “Cartels – International problems and issues” and “Regional enforcement updates – Ask the experts – China, India, HK, EU Q&A (panel), Kluwer 2nd Annual Global Competition Law Forum (Shanghai, July 2016).
  • “Process, privilege and procedure: A guide to navigating new approaches to the EC process issues (panel”, GCR Live 8th Annual Brussels conference: The bigger picture (Brussels, July 2016).
  • “ Advice in investigations – Japan, US and Asia focus”, Kluwer 2nd Annual Japan Global Competition Law Forum (Tokyo, June 2016).
  • Chair of the Kluwer 5th Annual Global Competition Law Summit (Hong Kong, April 2016).
  • “Minority shareholders: Update on proposals for reform”, IBC Merger Control conference (Brussels, April 2016).
  • “Mergers: practical challenges (panel moderator)”, IBC Advanced Competition Law Conference (Brussels, February 2016)
  • “What are the competition risks to your business?”, IBC Legal Compliance & Ethics International (London, November 2015).
  • “Competition challenges from online retailing – new wine in old bottles?”, GCR 7th Annual Brussels: The conference about the bigger picture, Brussels (November 2015).
  • “Due process in competition cases”, IBA Annual Conference, Vienna (October 2015).
  • “Opting to blow the whistle or choosing to walk away?”, The American Lawyer US – EU Legal Summit, Brussels (June 2015).
  • “Cartels – Problems and issues in Japan and Asia”, Kluwer Global Competition Law Forum, Tokyo (May 2015)
  • “Mergers – trends and challenges”, IBC Legal Advanced EU Competition Law, London (April 2015).
  • "Protecting your client in an era of global enforcement,” ABA 2015 Asia Forum, Tokyo (March 2015).
  • “EU Cartel enforcement: Trends and developments,” Korea Competition law forum (September 2014).
  • “Cartels in the EU”, Wolters Kluwer 2nd Annual Competition law forum (September 2014).
  • “Cartels – Problems and Issues China, Europe and US”, Wolters Kluwer  3rd Annual Global Competition law forum, (June 2014).
  • “Most favoured nation clauses” webinar The Law Society (January 2014).
  • “What is the legal basis of the EU cap of bankers’ bonuses,” 2013 City Remuneration Summit (June 2013).
  • “Competition law for in-house legal advisers”, Butterworth’s Conference (September 2013).
  • “How to Prepare in an Era of Aggressive Global Cartel Enforcement,” Japan Institute for Overseas Investment (December 2012).
  • “What’s Wrong with U.S. Class Actions? Rethinking the Class Action Device from a Global Perspective,” ABA Section of International Law (April, 2012).
  • “Abuse of dominance: law and economics of pricing.” Competition Law in Transition: Trends and Challenges (June, 2011).
  • “The EC Sector Inquiry in the Pharmaceutical Industry.”  ABA Section of Antitrust Law: Health Care and Pharmaceuticals Committee (October, 2010).
  • “Managing the Worldwide Antitrust Landscape.”  Georgetown Global Antitrust Enforcement Symposium (September, 2010).
  • “ETHICS: Essentials of Protecting Attorney-Client Communications in the Trenches of Public and Private Antitrust Enforcement: Perspectives from the U.S., Europe and Korea.”  Presented by the Compliance & Ethics and International Committees - ABA Spring Meeting (April, 2010).
  • “Intellectual property and antitrust in the biotech sector.”  Stanford IP Antitrust Symposium Comparing Trends in US and Europe (April, 2010).
  • “Article 102 EC and Strategic Patenting - Patent Thickets and Follow-on Patents.”  Conference on the Commission’s Pharmaceutical Sector Inquiry, Brussels (January, 2009).
  • “Antitrust Developments in Litigation, Mergers and Cartels—A Transatlantic Perspective.”  18th Annual General Council Conference, New York (June 2006).


  • The College of Law, Legal Practice Course, 1996
  • University College London, LL.B., 1994, with honours



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