Seminar: What Clients Want: Choices between Lawyers' Offerings
Tuesday January 28th, Jo Seldeslachts (UvA and KU Leuven) will present "What Clients Want: Choices between Lawyers' Offerings".
Time: 13.00-14.00 hours
Location: CPB-office, Van Stolkweg 14, The Hague
Presentation: Jo Seldeslachts (UvA and KU Leuven)
Discussant: Mariëlle Non (CPB)
Registration: Please register by sending an email to email@example.com.
We analyze a client's choice of contract in auctions where Dutch law firms compete for routine cases. The distinguishing feature of these auctions is that lawyers may submit bids with any fee arrangement they prefer: an hourly rate, a fixed fee or a "mixed fee", which is a time-capped fixed fee plus an hourly rate for any additional hours if the case takes longer than expected. Furthermore, an auction format of selling legal services is unusual in that it both forces lawyers to compete directly against each other and that it allows clients to easily compare these different offers. We empirically estimate a choice model for clients and find robust evidence that hourly rate bids are a client's least preferred choice. Our findings tentatively contradict lawyers' often made argument that hourly rates are in a client's best interest.
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