Governance reform in legal service markets.
This article discusses proposed governance reforms of legal services markets. The model distinguishes between a status quo position supported by a system of professionally enforced collective reputation and forms of governance based more squarely on market mechanisms. We identify a number of forces which determine the success of reform. Focusing particularly on the rent recapture and relationship substitution effects, we highlight their impact on client welfare and quality of legal services i...Expand abstract
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