The European single market and the regulation of the legal profession: an economic analysis

Frank H. Stephen
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Frank H. Stephen: University of Strathclyde, Glasgow, UK, Postal: University of Strathclyde, Glasgow, UK

Managerial and Decision Economics, 2002, vol. 23, issue 3, 115-125

Abstract: The article analyses the effect of removing barriers between two autarkic legal markets with different technologies. Firms using the more efficient technology penetrate the other market. The result is mergers between firms from the efficient jurisdictions and those in the inefficient jurisdictions. Social welfare increases from reduced resource costs in the production of legal services even if prices remain regulated. This leads to pressure for prices for legal services to be reduced. Recent trends in the penetration of EU legal markets by English solicitors firms are discussed, particularly recent mergers involving English and German law firms. Implications for future market regulation are drawn. Copyright © 2002 John Wiley & Sons, Ltd.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:wly:mgtdec:v:23:y:2002:i:3:p:115-125

DOI: 10.1002/mde.1053

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