Lawyers, Markets and Regulation

'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, CanadaFrank 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

Business & Money

Stephen, Frank H.

Economics

Edward Elgar Publishing

'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.

As development policy moves away from considering the state as the primary driver of economic growth it is necessary to consider the institutional foundations of the market economy. It has been argued that without legal systems that allow for innovation and enterprise, all other attempts to improve economic growth are destined to fail. 
Law and Development offers an unparalleled assessment of the role of legal systems in development by extending the analytical framework of New Institutional Economics (NIE). Using empirical tests to critique Legal Origin Theory, and assess the role of culture in the formation of the legal environment, this book proposes that cultural factors are much more significant than allowed for by previous frameworks. 
This book will be invaluable for students of law and development, as well as academics researching the role of institutions. It provides a sound framework for considering legal reform and offers nuanced insights for policymakers interested in economic development.

Law and Development: An Institutional Critique (Advances in New Institutional Analysis series)

This festschrift - written to honor Anthony Ogus, a remarkable figure in the law and economics scene in Europe - contains contributions on issues of regulation and the enforcement of regulation. The contributions provide some thought-provoking ideas which may stimulate the further development of law and economics. Part I deals with regulation and contracts while Part II contains contributions on legal procedure and the regulation of the professions. Part III looks at issues of corporate law and consumer regulations and contains contributions focusing on behavioral law and economics. Part IV discusses the issues of tort and insurance, and the contributions in the Part V examine enforcement issues. Essays in the Law and Economics of Regulation is for all lawyers interested in the question of how various legal instruments - regulatory, but also private law - could be used to reach particular policy goals. This interesting and stimulating volume is also for those interested in enforcement issues.

Essays in the Law and Economics of Regulation: In Honour of Anthony Ogus

Faure, Michael

Intersentia

See the best price to sell, buy, or rent books by Stephen, Frank H.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Stephen, Frank H.

See the best price to sell, buy, or rent books by Stephen, Frank H.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Lawyers, Markets and Regulation

Lawyers, Markets and Regulation

Law and Development: An Institutional Critique (Advances in New Institutional Analysis series)

Essays in the Law and Economics of Regulation: In Honour of Anthony Ogus