Abstract

http://ssrn.com/abstract=501548
 
 

Footnotes (200)



 


 



Class Action Lawyers as Lawmakers


Bruce H. Kobayashi


George Mason University - School of Law

Larry E. Ribstein (Deceased)


University of Illinois College of Law; PERC - Property and Environment Research Center


Arizona Law Review, Vol. 46, p. 733, Winter 2004
George Mason Law & Economics Research Paper No. 04-08; U Illinois Public Law Research Paper No. 04-03

Abstract:     
Private lawyers are significant participants in legislative and judicial lawmaking. However, since law is a public good, lawyers face a significant free-rider problem in investing time and other resources in law-creation other than to the extent necessary to win the case for their client. This Article focuses on the lawmaking incentive problem inherent in class actions, and specifically on class action complaints. Because a class action lawyer prepares a complaint without knowing whether a court ultimately will select her as counsel for the class, the lawyer may have less incentive to put effort into the complaint than if she had been hired prior to drafting the complaint. This Article discusses ways such lawyers can be given adequate incentives to maximize the law-creation value of their complaints. It shows that direct protection, as through intellectual property rights, is not legally available, primarily because of due process concerns for public access to the law. We suggest that protection is best provided by the institutions for choosing the lead plaintiffs and lead counsel in class actions.

Number of Pages in PDF File: 41

JEL Classification: K22, K41, O34

Accepted Paper Series


Download This Paper

Date posted: February 11, 2004  

Suggested Citation

Kobayashi, Bruce H. and Ribstein (Deceased), Larry E., Class Action Lawyers as Lawmakers. Arizona Law Review, Vol. 46, p. 733, Winter 2004; George Mason Law & Economics Research Paper No. 04-08; U Illinois Public Law Research Paper No. 04-03. Available at SSRN: http://ssrn.com/abstract=501548 or http://dx.doi.org/10.2139/ssrn.501548

Contact Information

Bruce H. Kobayashi (Contact Author)
George Mason University - School of Law ( email )
3301 Fairfax Drive
Arlington, VA 22201
United States
703-993-8034 (Phone)
703-993-8088 (Fax)
HOME PAGE: http://mason.gmu.edu/~bkobayas
Larry Edward Ribstein (Deceased)
University of Illinois College of Law ( email )
504 E. Pennsylvania Avenue
Champaign, IL 61820
United States
217-244-9881 (Phone)
217-244-1478 (Fax)
PERC - Property and Environment Research Center
2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

Feedback to SSRN


Paper statistics
Abstract Views: 4,929
Downloads: 381
Download Rank: 42,295
Footnotes:  200

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo6 in 0.468 seconds