Entry, exit and firm restructuring are important aspects of the ability of any market to respond and adapt to changing circumstances. The capacity to respond and adapt relatively quickly – often referred to as flexibility – is important for the effective performance of a market, particularly in periods of substantial change.
The study is concerned chiefly with barriers to entry, exit and ‘mobility’ (which includes business restructuring such as a merger) that may be caused or exacerbated by regulatory requirements, with particular reference to the barriers facing small solicitors’ practices