Check out Larry Ribstein’s post entitled More on the future of Law and Economics on Ideoblog. Here is a taste:
Just as there is a lot of bad law & ec being done by lawyers, so there is a lot of bad law & ec being done by economists because of their ignorance of the law and legal institutions. Careful law & ec lawyers can communicate with both the economists and the lawyers at the "retail" level. Forcing the work into math is going to create a “language” barrier that could seriously impede the intellectual development of the field. The field will stagnate, and become as marginalized as the study of, say, literature has become.
Read Ribstein!