Is There a Future for Law Firms?

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Cliff Winston: I think with all of the de-radatory movements, when you see cracks in the system, again, this is the power of the private sector looking for ways to be innovative. He says low-cost law firms and online-type services give us hope that perhaps some reforms of competition could actually happen. "We can do things in a more efficient way," he says.

Clifford Winston of the Brookings Institution talks with EconTalk host Russ Roberts about the market for lawyers and the role of lawyers in the political process. Drawing on a new co-authored book, First Thing We Do, Let's Deregulate All the Lawyers, Winston argues that restrictions on the supply of lawyers and increases in demand via government regulation artificially boost lawyers' salaries. Deregulation of the supply (by eliminating licensing) would lower price and encourage innovation.