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The Market for Lawyers and the Quality of Legal Services

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Abstract

Studying the strategic interaction between litigants, lawyers and judges, we analyze the value of the quality of legal representation and how public information over quality affects the outcome of the judicial process. Judges have reputational concerns and the quality of lawyers is reflected in knowledge of legal principles and in proof-taking ability. Deriving the demand for legal representation and the market equilibrium, we show that higher quality of legal representation is welfare increasing but better information over quality may be welfare reducing. We discuss the implications of our results on the desirability of quality ceritfication, such as the Queen's Counselor system

Suggested Citation

  • Elisabetta Iossa & Bruno Jullien, 2010. "The Market for Lawyers and the Quality of Legal Services," CEIS Research Paper 170, Tor Vergata University, CEIS, revised 20 Jul 2010.
    • Handle: RePEc:rtv:ceisrp:170
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    Cited by:

    1. Marco Alderighi & Claudio A. Piga, 2014. "Selection, Heterogeneity, and Entry in Professional Markets," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 23(4), pages 925-951, December.

    More about this item

    Keywords

    Carrer Concerns; Decision Bias; Market for Lawyers;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

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