Competition law appears to be at an inflection point. Over the past year, authorities, policy makers, and commentators across the globe have debated whether current laws and enforcement approaches are appropriately calibrated or whether they should be changed, including to try to protect interests that go well beyond the consumer welfare standard that has been applied for decades. Past is often prologue, and the increased competition law enforcement in 2020 highlights why companies should expect to face more challenges to proposed transactions and more scrutiny of their activities in 2021.