Leniency programs have been one of the most effective tools for cartel prosecution over the past two decades. While there has been a proliferation of leniency programs across jurisdictions, established agencies such as the United States Department of Justice (DOJ) and the European Commission (EC) are experiencing a decrease in the number of leniency applications. This note examines possible explanations for the decline in leniency applications, but concludes that the benefits of leniency still outweigh those costs in most cases.

The authors and contributors below were supported by associate Alicia Bello.

Read this chapter in Shearman & Sterling’s 2019 Antitrust Annual Report, “Reduction in Leniency; Drop in Enforcement?”