Stare Decisis

What is the principle of “stare decisis” and why is it so important in the context of business?

Latin always seems to make words more powerful, but it means “stand by things decided”

Precedent: An earlier event or action that is regarded as an example or guide to be considered in subsequent similar circumstances.

Stare decisis = predictability and security through a binding authority.

These decisions are made horizontally and vertically but are usually corroborated with shared wisdom.

It is the executive’s position to overturn bad precedence and attach meaning. Where Stare decisis + strong reasoning = relevant business practices, decision-making, and organizational change management.

However, if there is a persuasive authority through superior logic, then the ability to stand by things decided becomes influential to where we then ignore Stare Decisis.

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