 Lawyers as lawmakers, privilege, and agencyBarry E. Adler International Review of Law and Economics, 2014, vol. 38, issue S, 144-149 Abstract: Class action lawyers do not merely represent clients, they also make law, an observation explored by Kobayashi and Ribstein in “Class Action Lawyers as Lawmakers.” Kobayashi and Ribstein observe that a class action lawyer's inability to internalize all the benefits of her innovation may lead to underinvestment in lawmaking, which they describe as a public good. But privileged groups may produce public goods, and where production of the good also enhances the probability that a supplier of the good will be compensated for her production, as may be the case in the selection of counsel in class action suits, there can even be overproduction. Under some circumstances, such overproduction is possible even where production is facilitated by freeriding. Moreover, if there is underinvestment in class action lawmaking, a more general, and potentially greater, cause is inherent in the lawyer–client relationship, namely that the lawyer bears the full cost of litigation but must share the benefits, if any, with the client. Keywords: Class action; Agency (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:irlaec:v:38:y:2014:i:s:p:144-149 DOI: 10.1016/j.irle.2013.11.002 Access Statistics for this article International Review of Law and Economics is currently edited by C. Ott, A. W. Katz and H-B. Schäfer More articles in International Review of Law and Economics from Elsevier |
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