Welcome to Issue 8 of our Competition Magazine. In this edition, we delve into the latest developments in competition law and litigation, exploring the evolving landscape and the key challenges that shape the industry. We also spotlight our Future Thought Leaders Essay Competition, where aspiring minds have shared their innovative perspectives on the future of competition law. We are delighted to congratulate Lucy Watkiss of Linklaters who claimed victory in the essay competition.

Thank you to our corporate partners and contributors for their expert insights and fresh ideas.

We are delighted to present Issue 7 of the ThoughtLeaders4 Competition magazine, Year In Review: 2024 In Competition Law and Litigation. As our final issue of the year, we'd like to take this opportunity to thank all our valued event attendees, speakers, and partners for making 2024 such a successful year within the Competition community. We hope that you find the issue stimulating reading for the festive season.

We are delighted to present Issue 6 of the TL4 Competition magazine, our third edition of 2024: Hitting The Marks For Q3: Your Quarterly Update on Competition Law and Litigation. Exploring the complex landscape of Competition law and litigation, we are proud of the quality of contributions of this issue and the calibre of unique topics. With articles focusing on global mergers, class actions, cartels, and everything in between, we hope you find the issue stimulating reading.

We are delighted to present Issue 5 of the Competition Magazine, our second edition of 2024. Exploring the multifacted terrain of competition law and litigation, this edition navigates a multitude of topics. From antitrust enforcement in Brazil, class action in Portugal, and everything in between, this edition boasts top thought leadership from those within the Competition space.

This issue marks an exciting Q2 within the TL4 Competition community, and we extend our sincere thanks to our readers, contributors and valued community partners. We hope you enjoy reading the issue.

We are delighted to present Issue 4 by exploring of the Competition Magazine, our first edition of 2024. Once again exploring the complex  territory of competition law and litigation, this edition navigates a multitude of topics. From carriage disputes and Italian litigation, to truck cartels and class actions, this edition boasts top thought leadership from those within the Competition space.

This issue marks the start of an exciting year within the TL4 Competition community, and we extend our sincere thanks to our readers, contributors and valued community partners. We hope you enjoy reading the issue.

We are delighted to present Issue 3 of the Competition Magazine, our annual Year in Review edition. Delving into the complex world of competition law and litigation, this edition navigates the ever-evolving competition landscape, from litigation funding and AI, to cartels and ESG, tackling a broad range of geographies and jurisdictions. This edition boasts articles from leaders in the Competition law and litigation space, providing current and cutting edge perspective on key issues facing today’s practitioners.

This issue represents a culmination of a successful year within the burgeoning TL4 Competition community, and we would like to extend our sincere thanks to our contributors, community partners,and readers. We hope you enjoy the issue.

We are delighted to present Issue 2 of ThoughtLeaders4 Competition Law & Litigation Magazine. In this abounding issue, we discuss a variety of topical issues facing competition practitioners, including the Trucks Litigation, private enforcement, class actions in the CAT, artificial intelligence and more. This issue also features a series of 60 seconds with interviews with community partners, and speakers at our events.

We also look forward to seeing many of you join us at our UK Digital Markets Competition Regulation Forum, taking place on Wednesday 20 September in London.

Thank you to all our contributors, members and community partners for your ongoing support with this new and exciting Competition Community, we look forward to your continued involvement.

The value of sales of an undertaking infringing antitrust law is a key determinant of the size of the fine levied by a competition authority. European competition authorities rely only on the turnover the undertaking receives from the products in relation to which the infringing conduct occurred. In contrast, UK competition authorities may also include revenue from substitutes which the infringing firm supplies. Nonetheless, there are good reasons to include substitutes in the value of sales and, as shown, their inclusion can have a material impact on the size of the fine.