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.
Frank H. Stephen, Emeritus Professor of Regulation, School of Law, University of Manchester, UK
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