The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously
Reviewing the public and private interest approaches to the regulation in the market for legal services, this article points out their mutual inconsistency and their empirical and theoretical limits. It then argues that heterogeneous legal services should be considered when (de)regulating the market...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Università Carlo Cattaneo LIUC
2013-08-01
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| Series: | The European Journal of Comparative Economics |
| Subjects: | |
| Online Access: | http://eaces.liuc.it/18242979201302/182429792013100208.pdf |
| _version_ | 1819148878304247808 |
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| author | Camille Chaserant Sophie Harnay |
| author_facet | Camille Chaserant Sophie Harnay |
| author_sort | Camille Chaserant |
| collection | DOAJ |
| description | Reviewing the public and private interest approaches to the regulation in the market for legal services, this article points out their mutual inconsistency and their empirical and theoretical limits. It then argues that heterogeneous legal services should be considered when (de)regulating the market. Drawing upon the distinction between credence, experience, and search goods, we distinguish various legal services according to the degree of asymmetric information on quality characterizing the relationship between lawyers and clients. We argue that the heterogeneity of legal services impacts on the desirable level of regulation, implying that not all the markets for legal services should be regulated or, conversely, deregulated. Furthermore, when regulation is needed, the degree of asymmetric information between the regulatory authority and lawyers partly determines the choice between external and self-regulation. |
| first_indexed | 2024-12-22T13:52:42Z |
| format | Article |
| id | doaj.art-188f1e93978748d796915bd1257861fb |
| institution | Directory Open Access Journal |
| issn | 1824-2979 |
| language | English |
| last_indexed | 2024-12-22T13:52:42Z |
| publishDate | 2013-08-01 |
| publisher | Università Carlo Cattaneo LIUC |
| record_format | Article |
| series | The European Journal of Comparative Economics |
| spelling | doaj.art-188f1e93978748d796915bd1257861fb2022-12-21T18:23:38ZengUniversità Carlo Cattaneo LIUCThe European Journal of Comparative Economics1824-29792013-08-01102267291The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services SeriouslyCamille ChaserantSophie HarnayReviewing the public and private interest approaches to the regulation in the market for legal services, this article points out their mutual inconsistency and their empirical and theoretical limits. It then argues that heterogeneous legal services should be considered when (de)regulating the market. Drawing upon the distinction between credence, experience, and search goods, we distinguish various legal services according to the degree of asymmetric information on quality characterizing the relationship between lawyers and clients. We argue that the heterogeneity of legal services impacts on the desirable level of regulation, implying that not all the markets for legal services should be regulated or, conversely, deregulated. Furthermore, when regulation is needed, the degree of asymmetric information between the regulatory authority and lawyers partly determines the choice between external and self-regulation.http://eaces.liuc.it/18242979201302/182429792013100208.pdfqualityregulationself-regulationlawyerlegal servicescredence good |
| spellingShingle | Camille Chaserant Sophie Harnay The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously The European Journal of Comparative Economics quality regulation self-regulation lawyer legal services credence good |
| title | The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously |
| title_full | The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously |
| title_fullStr | The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously |
| title_full_unstemmed | The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously |
| title_short | The Regulation of Quality in the Market for Legal Services: Taking the Heterogeneity of Legal Services Seriously |
| title_sort | regulation of quality in the market for legal services taking the heterogeneity of legal services seriously |
| topic | quality regulation self-regulation lawyer legal services credence good |
| url | http://eaces.liuc.it/18242979201302/182429792013100208.pdf |
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