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SUMMARY:Are star lawyers also better lawyers? - Alberto Manconi (Bocconi S
 chool of Management)
DTSTART:20200206T130000Z
DTEND:20200206T140000Z
UID:TALK131251@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We study the performance of dominant law firms (“stars”) i
 n litigation brought against publicly traded corporations. We use insuranc
 e coverage as a benchmark for expected settlement amounts\, to separate to
  what extent (a) stars reach more favorable settlements on any lawsuit (a 
 performance or treatment effect) or (b) stars are retained in lawsuits whe
 re a favorable settlement is ex ante more likely (a selection effect). Our
  findings indicate the latter\, and that star firms have an economically s
 mall impact on settlement amounts. This result is not explained by measure
 ment error or over-/under-insurance. The extent to which stars are associa
 ted with improvements in corporate governance also appears limited. The st
 ars’ large market share and the high fees they earn may be justified by 
 their ability to reduce uncertainty about the lawsuit outcome or by fricti
 ons\, such as aggressive marketing and limited client sophistication and b
 argaining power\, which limits the stars’ clients’ ability to turn to 
 other law firms.
LOCATION:Upper Hall\, Peterhouse College\, Cambridge  CB2 1RD
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