����ֱ��

Abstract

We propose that lawyers are a key channel through which M&A firms evade antitrust scrutiny. Using the discontinuity around the Hart-Scott-Rodino (HSR) reporting threshold, we identify “HSR Dodgers,” law firms that disproportionately advise transactions just below the threshold. We find that Dodgers are also less likely to notify deals above the threshold, proxied by deals announced and closed on the same day. In addition, Dodger-advised deals are less likely to be disclosed in clients’ SEC filings and exhibit higher post-merger markups, consistent with anticompetitive effects. Collectively, our findings show that legal intermediaries influence M&A outcomes and facilitate regulatory evasion.