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Lawyers, Markets and Regulation (Paperback)
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Lawyers, Markets and Regulation (Paperback)
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The question of how we can best regulate the all-important markets
for legal services is rarely investigated with the benefit of good
empirical evidence about what's wrong and what works. The challenge
of doing empirical work in this area is steep, given a lack of data
and the complexity of comparing across very different jurisdictions
and legal environments. In this much-needed contribution, Frank
Stephen usefully brings together a set of empirical studies and an
overview of the recent regulatory reforms that have been pursued in
the UK and other European jurisdictions in the past two decades.
The result will help policymakers make further progress in the
increasingly urgent effort to establish efficient and accessible
markets for legal services worldwide.' - Gillian K. Hadfield, USC
Gould School of Law, US'Frank Stephen draws on thirty years'
experience of working on the regulation of the legal professions,
and on several empirical studies, to provide a fascinating account
of the evolving attempts to introduce competition into the supply
of legal services and how such attempts have sometimes been
thwarted. It also makes a major contribution to the theoretical
debate on the justifications, modes and likely impacts of
regulation.' - Anthony Ogus, University of Manchester, UK and
University of Rotterdam, The Netherlands 'Professor Stephen's book
provides a wonderfully concise, accessible and insightful review of
both the theory and the empirical evidence (much of it his) on
regulatory restrictions on the provision of legal services and
challenges traditional arguments for the self-regulation of the
legal profession. His economic/consumer welfare perspective
provides a stimulating reference point in ongoing debates on the
appropriate regulation of the market for legal services and the
case for self-regulation, which (unlike the UK) is still very
strongly espoused in North America, but under increasing scrutiny.
Professor Stephen s book will intensify this scrutiny.' - Michael
Trebilcock, University of Toronto, Canada Frank H. Stephen's
evaluation of public policy on the legal profession in UK and
European jurisdictions explores how regulation and self-regulation
have been liberalized over the past 30 years. The book surveys
where the most recent and radical liberalization involving the
ownership of law firms by non-lawyers is likely to lead, and
appraises the economic literature on the costs and benefits of
regulating markets for professional services. It challenges
socio-legal views on professional legislation and highlights the
limitations of regulatory competition, as well as the importance of
dominant business models. The author reviews the empirical work
underpinning these theories and policies. He also evaluates the
effectiveness of regulatory competition as a response to regulatory
capture. Lawyers, Markets and Regulation will be of interest to
academics focusing on professional regulation in the fields of
economics and law. Lawyers, legal policymakers, competition
authorities and regulators will also find the book to be an
enlightening read. Contents: Preface 1. Introduction Part I: Why Do
We Regulate Lawyers? 2. Why Regulate Lawyers? 3. How Lawyers are
Regulated 4. Lawyers and Incentives Part II: Deregulation of Legal
Markets in the UK and Europe 5. Liberalization of Legal Markets in
UK and EU Jurisdictions 6. Evidence on Effects of Deregulation Part
III: The Future of 'Lawyering' 7. Legal Services Act 2007 and the
Promotion of Regulatory Competition 8. A Technological Revolution
in 'Lawyering'? 9. Summary and Conclusions References Index
General
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