An exploratory study of the pricing of legal services
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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