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The Economics of Contingency Fees in Personal Injury Litigation

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  • Rickman, Neil

Abstract

In the light of the lack of dynamism of the British economy, and indeed the United States and European economies in general, this article suggests urgent attention be given to the construction of an industrial strategy. The article reports on the deficiencies of industrial policy-making in Britain, past and present, and seeks to identify a new approach based on an examination of some fundamental deficiencies of free-market economies. The meaning and force of the general principles are illustrated by considering privatization, inward investment, technology, Europe, and the regions. The suggested approach diverges from previous approaches for a quite fundamental; reason: they start with markets and market failure, this starts with the modern corporation and socially incomplete decision structures. The process whereby a concentrated structure of decision-making is replaced by a democratic structure constitutes the essence of industrial strategy. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Rickman, Neil, 1994. "The Economics of Contingency Fees in Personal Injury Litigation," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(1), pages 34-50, Spring.
    • Handle: RePEc:oup:oxford:v:10:y:1994:i:1:p:34-50
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    Citations

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    Cited by:

    1. Winand Emons & Nuno Garoupa, 2004. "The Economics of US-style Contingent Fees and UK-style Conditional Fees," Diskussionsschriften dp0407, Universitaet Bern, Departement Volkswirtschaft.
    2. Heyes, Anthony & Rickman, Neil & Tzavara, Dionisia, 2004. "Legal expenses insurance, risk aversion and litigation," International Review of Law and Economics, Elsevier, vol. 24(1), pages 107-119, March.
    3. Camille Chaserant & Sophie Harnay, 2013. "The regulation of quality in the market for legal services: Taking the heterogeneity of legal services seriously," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 10(2), pages 267-291, August.
    4. Winand Emons, 2007. "Conditional versus contingent fees," Oxford Economic Papers, Oxford University Press, vol. 59(1), pages 89-101, January.
    5. Neil Rickman & Paul Fenn & Alastair Gray, 1999. "The reform of Legal Aid in England and Wales," Fiscal Studies, Institute for Fiscal Studies, vol. 20(3), pages 261-286, September.
    6. Frank H. Stephen, 2013. "Lawyers, Markets and Regulation," Books, Edward Elgar Publishing, number 14803.
    7. Roland Kirstein & Neil Rickman, 2004. ""Third Party Contingency" Contracts in Settlement and Litigation," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 160(4), pages 555-575, December.
    8. Camille Chaserant & Sophie Harnay, 2010. "Déréglementer la profession d’avocat ? Les apories de l’analyse économique," Working Papers hal-04140922, HAL.
    9. Rickman, Neil, 1999. "Contingent fees and litigation settlement1," International Review of Law and Economics, Elsevier, vol. 19(3), pages 295-317, September.
    10. Lorenzo Sacconi, 2011. "The case against lawyers’ contingent fees and the misapplication of principal-agent models," European Journal of Law and Economics, Springer, vol. 32(2), pages 263-292, October.
    11. Zamir Eyal & Medina Barak & Segal Uzi, 2014. "Who Benefits from the Uniformity of Contingent Fee Rates?," Review of Law & Economics, De Gruyter, vol. 9(3), pages 357-387, January.
    12. Eyal Zamir & Ilana Ritov, 2010. "Revisiting the Debate over Attorneys' Contingent Fees: A Behavioral Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 39(1), pages 245-288, January.

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