A joint venture among competitors can be a legitimate business venture that offers real efficiencies. Nonetheless, joint collaborations with a competitor always carry antitrust risks. To guide businesses in understanding and mitigating the antitrust risk associated with joint ventures, the federal antitrust agencies issued in 2000, Antitrust Guidelines for Collaborations Among Competitors. The Guidelines review the agencies' framework for analysis and include concrete examples. Nonetheless, this is an area where the "devil is in the details."