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The Price Of Law: How The Market For Lawyers Distorts The Justice System, Gillian K. Hadfield
The Price Of Law: How The Market For Lawyers Distorts The Justice System, Gillian K. Hadfield
Gillian K Hadfield
Why are lawyers so expensive? This paper explores the economics of the markets for lawyers and the reasons why pricing for lawyers departs from competitive pricing. Unlike conventional analyses, which emphasize entry restrictions, this analysis emphasizes market imperfections due to the nature of legal reasoning and practice and in particular the role of increasing returns to specialization and cognitive skill. The analysis also emphasizes the impact of market dynamics on the distribution of legal services, particularly high end legal work, between corporate and individual clients.