
Carol Xianxiao Liu
Counsel
Practice Areas
Carol Liu advises clients in high-profile, complex antitrust matters across mergers, government investigations and litigation. With her deep experience before the Department of Justice, Federal Trade Commission, state attorneys general, international enforcers, and in courts, Carol is trusted by her clients to deliver practical and thoughtful strategies to navigate complex antitrust issues and advance their business goals.
Carol Xianxiao Liu
Counsel
Practice Areas
Carol Liu advises clients in high-profile, complex antitrust matters across mergers, government investigations and litigation. With her deep experience before the Department of Justice, Federal Trade Commission, state attorneys general, international enforcers, and in courts, Carol is trusted by her clients to deliver practical and thoughtful strategies to navigate complex antitrust issues and advance their business goals.

Recognized by Lawdragon, Best Lawyers, and Super Lawyers as a top antitrust lawyer and by Profiles in Diversity Journal as an emerging leader, Carol represents clients across mergers, government investigations, litigation, and compliance matters with her deep knowledge in technology, healthcare and life sciences, automobile, consumer goods, and manufacturing industries.
Clients trust Carol in high-stakes and challenging antitrust matters. Her ability to develop effective strategies, coupled with her strength in leading multi-jurisdictional teams to efficiently execute the strategies, has led to consistently favorable results that move her clients’ business forward expediently.
Carol’s most recent work includes serving as global lead counsel for Worldpay in its $24.5 billion acquisition by Global Payments; representing McKesson in its completed $2.49 billion acquisition of a controlling interest in Florida Cancer Specialists’ Core Ventures; and representing UPMC in its affiliation with Washington Health Systems.
Carol’s antitrust experience extends beyond the U.S. While at Axinn, Carol completed a secondment at a top law firm in Japan, where she represented U.S. clients in cross-border matters before the Japan Fair Trade Commission, and represented Japanese clients before U.S. and European regulators. Fluent in Mandarin Chinese and Japanese, Carol is particularly adept at delivering practical antitrust advice to multi-national companies that aligns with her clients’ business and cultural realities. During her time in Japan, Carol also co-taught an undergraduate course on global competition law at the University of Tokyo School of Law.
Carol earned her J.D. from Harvard Law School. She was a founding member of the Harvard China Law Association and continues to lend her support for the organization by joining as panel speaker in the Association’s annual Harvard China Law Symposium.
She maintains an active pro bono practice dedicated to helping immigrants obtain political asylum in the U.S. She has represented clients from Latin America and Africa fleeing from gangs, gender-based violence, and political prosecution in asylum proceedings before the USCIS Asylum Office, and in immigration courts. She has successfully obtained political asylum for her clients and families.
Experience
Mergers and Acquisitions
- Representing Worldpay in its $24.5 billion acquisition by Global Payments as part of a transformative three-way transaction.
- Representing McKesson in ongoing matters, including its completed $2.49 billion acquisition of a controlling interest in Florida Cancer Specialists’ Core Ventures; and its joint venture combining U.S. Oncology Research with HCA Healthcare Inc.’s Sarah Cannon Research Institute.
- Represented UPMC in its affiliation with Washington Health Systems.
- Represented Johnson Controls, a multinational fire, HVAC and security equipment manufacturer in its $2 billion sale of Scott Safety to 3M.
- Coordinated global antitrust strategy across seven jurisdictions for Ball Corporation’s sale of metal beverage packaging facilities in China to ORG Technology Co., and advised on related licensing and technology agreements.
- Represented Ball Corporation in its creation of Ball Metalpack, a joint venture with Platinum Equity Partners in which Ball maintained 49% ownership and generated approximately $675 million in value.
Litigation and Investigations
- Represented Momenta Pharmaceuticals in a series of antitrust monopolization cases involving patent enforcement and standard-setting organization.
- Represented Alvogen subsidiary Alvogen Pine Brook Inc. and its marketing partner, Lotus Pharmaceutical Co. Ltd., in antitrust litigation challenging purported “reverse payment” patent settlement.
- Represented Nishikawa Rubber Company in automotive parts litigation.
- Represented a Fortune 500 company in an antitrust conduct investigation by U.S. antitrust agencies relating to hiring practices.
Compliance
- Advised a Fortune 500 company in developing its global antitrust training and compliance programs spanning across 20 jurisdictions.
- Advised a Fortune 100 company in developing an innovative antitrust compliance monitoring and training program.
Honors
- Best Lawyers, “Ones to Watch” (2023 – 2026)
- Lawdragon, “500 Leading Antitrust & Global Competition Lawyers” (2025)
- Lawdragon, "500 X – The Next Generation" (2024 – 2025)
- Profiles in Diversity Journal Emerging Leaders Award Winner (2024)
- New York State Bar Association, Empire State Counsel Honoree for Pro Bono Service (2022)
- Super Lawyers, “Rising Star” for Mergers & Acquisitions and Antitrust Litigation (2021 – 2025)
- Super Lawyers, Top Women Attorneys in New York (2024)
- Super Lawyers, Top Women Attorneys (2021 – 2023)
Education
- JD – Harvard Law School (2015)
- BA, magna cum laude, Economics – Mount Holyoke College (2012)
Admissions
- New York
- U.S. District Court Eastern District of New York
- U.S. District Court Southern District of New York
Quotes
It has incredibly creative, dedicated, and brilliant antitrust lawyers who achieve excellent results when others think nothing can be done.
Chambers USA
Axinn's team is always responsive and available. They know the space and deliver to a high level.
Chambers USA
News & Insights
News & Insights
Antitrust Overview & Recent Trends
Axinn Serves as Global Coordinating Counsel for Worldpay in its $24.5 Billion Acquisition by Global Payments
Deals & Cases
Antitrust
Axinn Attorneys Named to the 2025 Lawdragon 500 X – The Next Generation Guide
Awards & Recognitions
Antitrust
Axinn Associates at the Antitrust Spring Meeting: The Future of Healthcare Mergers
Axinn Viewpoints
Antitrust
Who’s Blocking Me? Competition Law Issues With Healthcare Information Blocking
Axinn Viewpoints
Antitrust
Harvard China Law Association China Law Symposium 2025
Speaking Engagement
Antitrust
Axinn Attorneys Named to Lawdragon 500 Leading Antitrust & Global Competition Lawyers Guide
Awards & Recognitions
Antitrust
Axinn Advises McKesson in Securing Controlling Interest in Core Ventures
Deals & Cases
Antitrust
Axinn Attorneys Selected as Profiles in Diversity Journal Emerging Leaders
Awards & Recognitions
Antitrust
Axinn Attorneys Named to Best Lawyers 2025
Awards & Recognitions
Antitrust





