Market and regulatory forces in the pricing of legal services
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.
public finance, industrial organization, market force, professional service, legal service
Lueck, Dean, Reed Olsen, and Michael Ransom. "Market and regulatory forces in the pricing of legal services." Journal of Regulatory Economics 7, no. 1 (1995): 63-83.