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The European single market and the regulation of the legal profession: an economic analysis

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  • Frank H. Stephen

    (University of Strathclyde, Glasgow, UK)

Abstract

The article analyses the effect of removing barriers between two autarkic legal markets with different technologies. Firms using the more efficient technology penetrate the other market. The result is mergers between firms from the efficient jurisdictions and those in the inefficient jurisdictions. Social welfare increases from reduced resource costs in the production of legal services even if prices remain regulated. This leads to pressure for prices for legal services to be reduced. Recent trends in the penetration of EU legal markets by English solicitors firms are discussed, particularly recent mergers involving English and German law firms. Implications for future market regulation are drawn. Copyright © 2002 John Wiley & Sons, Ltd.

Suggested Citation

  • Frank H. Stephen, 2002. "The European single market and the regulation of the legal profession: an economic analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(3), pages 115-125.
    • Handle: RePEc:wly:mgtdec:v:23:y:2002:i:3:p:115-125
    DOI: 10.1002/mde.1053
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    References listed on IDEAS

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    1. Peter J. Buckley & Mark Casson, 1991. "The Future of the Multinational Enterprise," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-21204-0.
    2. David J. TEECE, 2008. "TRANSACTIONS COST ECONOMICS AND THE MULTINATIONAL ENTERPRISE: An Assessment," World Scientific Book Chapters, in: The Transfer And Licensing Of Know-How And Intellectual Property Understanding the Multinational Enterprise in the Modern World, chapter 20, pages 427-451, World Scientific Publishing Co. Pte. Ltd..
    3. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-641, August.
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    Cited by:

    1. Garoupa, Nuno, 2014. "Globalization and deregulation of legal services," International Review of Law and Economics, Elsevier, vol. 38(S), pages 77-86.
    2. Frank H. Stephen, 2013. "Lawyers, Markets and Regulation," Books, Edward Elgar Publishing, number 14803.
    3. Romain Espinosa & Claudine Desrieux & Hengrui Wan, 2017. "Fewer courts, less justice? Evidence from the 2008 French reform of labor courts," Post-Print halshs-01634211, HAL.

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