Abstract

We argue that the relative expertise of contracting parties strongly affects contractual outcomes. Using unique data on company acquisition contracts, we document that lawyers with higher expertise relative to their counterparties negotiate better risk allocation for their clients and more favourable target prices. The benefits of high expertise outweigh its costs, largely because high-expertise lawyers economise on transaction costs by shortening negotiation times. Our findings suggest a need for explicit modelling of contracting skills, and they help explain heterogeneity in legal fees across law firms and the role of league tables of law firms.

中文翻译：

---

律师专业知识和合同设计——来自并购谈判的证据

摘要

我们认为，缔约方的相关专业知识强烈影响合同结果。使用公司收购合同的独特数据，我们记录了相对于他们的交易对手具有更高专业知识的律师为他们的客户谈判更好的风险分配和更有利的目标价格。高专业知识的好处超过其成本，主要是因为高专业律师通过缩短谈判时间来节省交易成本。我们的研究结果表明需要对合同技能进行明确建模，它们有助于解释律师事务所法律费用的异质性以及律师事务所排名表的作用。