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Full-Text Articles in Legal Profession
Deregulation And The Lawyers' Cartel, Nuno Garoupa, Milan Markovic
Deregulation And The Lawyers' Cartel, Nuno Garoupa, Milan Markovic
Faculty Scholarship
At one time, the legal profession largely regulated itself. However, based on the economic notion that increased competition would benefit consumers, jurisdictions have deregulated their legal markets by easing rules relating to attorney advertising, fees, and, most recently, nonlawyer ownership of law firms. Yet, despite reformers’ high expectations, legal markets today resemble those of previous decades, and most legal services continue to be delivered by traditional law firms. How to account for this seeming inertia?
We argue that the competition paradigm is theoretically flawed because it fails to fully account for market failures relating to asymmetric information, imperfect information, and …
The Gender Pay Gap And High-Achieving Women In The Legal Profession, Milan Markovic, Gabrielle Plickert
The Gender Pay Gap And High-Achieving Women In The Legal Profession, Milan Markovic, Gabrielle Plickert
Faculty Scholarship
Although women have made significant strides in the legal profession, female attorneys continue to earn far less than male attorneys. Relying on survey data from a large sample of full-time attorneys in Texas, we find a gender pay gap of thirty-five thousand dollars at the median that cannot be explained by differences in human capital or occupational segregation. We also provide evidence that the legal market especially disadvantages women who excel in law school. Whereas high academic achievement boosts male lawyers’ incomes substantially, it does not have the same effect on female lawyers’ incomes. High-achieving female lawyers earn less than …