Title

Market and regulatory forces in the pricing of legal services

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 these 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.

Department(s)

Economics

Document Type

Article

DOI

https://doi.org/10.1007/bf01062780

Keywords

public finance, industrial organization, market force, professional service, legal service

Publication Date

1995

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