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Self-regulation of the legal profession and quality in the market for legal services: an economic analysis of lawyers' reputation

机译:法律服务市场中法律职业的自我调节和质量:律师声誉的经济分析

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摘要

Our article intends to show that self-regulation of the legal profession helps to regulate the quality of legal services in a market characterized by strong information asymmetries. Our model highlights the role of the collective reputation of the profession jointly with the individual reputation of lawyers to sustain high quality. It shows that a high-quality steady state exists in a market for legal services and that the likelihood of high quality increases when the market is self-regulated by the legal profession as compared with the situation where there is no self-regulation. Moreover, the profession has an incentive to maintain a good collective reputation as this increases the clients' willingness to pay for legal services and, therefore, the rent that accrues to lawyers as a whole.
机译:我们的文章旨在表明,法律职业的自我监管有助于规范以强烈的信息不对称为特征的市场中的法律服务质量。我们的模型强调了专业集体声誉与律师个人声誉共同维持高质量的作用。它表明法律服务市场中存在高质量的稳定状态,并且与没有自我监管的情况相比,由法律专业人士对市场进行自我监管时,高质量的可能性增加。此外,该行业具有保持良好集体声誉的动机,因为这增加了客户支付法律服务的意愿,因此也增加了律师整体的租金。

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