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An exploratory study of the pricing of legal services

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  • Maheshri, Vikram
  • Winston, Clifford
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    Abstract

    Consumers and firms spend some $200 billion annually on legal services, but little is known about the factors that influence lawyers’ prices for those services. In this paper, we explore the determinants of the variation in lawyers’ pricing to shed light on competition among lawyers and to comment on whether entry barriers to legal practice that restrict competition are justified because they protect consumers who may have imperfect information about potential legal service providers. We do not find evidence in support of this premise.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0144818813000434
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    Bibliographic Info

    Article provided by Elsevier in its journal International Review of Law and Economics.

    Volume (Year): 38 (2014)
    Issue (Month): S ()
    Pages: 169-173

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    Handle: RePEc:eee:irlaec:v:38:y:2014:i:s:p:169-173

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    Web page: http://www.elsevier.com/locate/irle

    Related research

    Keywords: Lawyers’ pricing; Occupational licensing; Deregulation of legal services;

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    1. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
    2. Morris M. Kleiner & Alan B. Krueger, 2010. "The Prevalence and Effects of Occupational Licensing," British Journal of Industrial Relations, London School of Economics, vol. 48(4), pages 676-687, December.
    3. Ana Castaneda & Javier Diaz-Gimenez & Jose-Victor Rios-Rull, 2003. "Accounting for the U.S. Earnings and Wealth Inequality," Journal of Political Economy, University of Chicago Press, vol. 111(4), pages 818-857, August.
    4. Simon P. Anderson & Regis Renault, 1999. "Pricing, product diversity, and search costs: a Bertrand-Chamberlin-Diamond model," Virginia Economics Online Papers 335, University of Virginia, Department of Economics.
    5. Kristopher S. Gerardi & Adam Hale Shapiro, 2009. "Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry," Journal of Political Economy, University of Chicago Press, vol. 117(1), pages 1-37, 02.
    6. Neal, Derek & Rosen, Sherwin, 2000. "Theories of the distribution of earnings," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 7, pages 379-427 Elsevier.
    7. Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
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