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Market and Regulatory Forces in the Pricing of Legal Services

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  • Lueck, Dean
  • Olsen, Reed
  • Ransom, Michael

Abstract

New data on individual law firms and attorneys is used to examine the effects of professional licensing restrictions and market forces on prices of legal services. The data allow detailed testing of the hypothesis that licensing restrictions serve to increase the price of professional services as well as the incomes of those providing services. In general, little support is found for this hypothesis. Instead, the estimates show that market forces are most important in explaining variations in prices and attorney incomes. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Lueck, Dean & Olsen, Reed & Ransom, Michael, 1995. "Market and Regulatory Forces in the Pricing of Legal Services," Journal of Regulatory Economics, Springer, vol. 7(1), pages 63-83, January.
    • Handle: RePEc:kap:regeco:v:7:y:1995:i:1:p:63-83
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    Cited by:

    1. Marc T. Law & Mindy S. Marks, 2017. "The Labor-Market Effects of Occupational Licensing Laws in Nursing," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 56(4), pages 640-661, October.
    2. Frank H. Stephen, 2013. "Lawyers, Markets and Regulation," Books, Edward Elgar Publishing, number 14803.
    3. Camille Chaserant & Sophie Harnay, 2010. "Déréglementer la profession d’avocat ? Les apories de l’analyse économique," Working Papers hal-04140922, HAL.
    4. Camille Chaserant & Sophie Harnay, 2013. "The regulation of quality in the market for legal services: Taking the heterogeneity of legal services seriously," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 10(2), pages 267-291, August.
    5. Noailly, Joëlle & Nahuis, Richard, 2010. "Entry and competition in the Dutch notary profession," International Review of Law and Economics, Elsevier, vol. 30(2), pages 178-185, June.

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