Company Law, Lawyers and 'Legal' Innovation: Common Law versus Civil Law
University of Fribourg, Universidad Javeriana
Erik P. M. Vermeulen
Tilburg University - Department of Business Law; Philips International BV; Tilburg Law and Economics Center (TILEC); Kyushu University - Faculty of Law
August 10, 2011
Lex Research Topics in Corporate Law & Economics Working Paper No. 2011-3
In this essay we make two major claims. The first is that public legislatures should think seriously about giving maximum effect to the principle of freedom of contract in company law. This would not only give corporate lawyers the tool they need to provide legal services that match the needs of the current global business community, but also encourage legal experimentation. The second claim is that corporate lawyers in common law systems are more open to legal change and innovation than their civil law colleagues. The difference seems to lie in the more experimental nature of common law compared to civil law systems.
Number of Pages in PDF File: 39
Keywords: business entities, civil law, common law, company law, corporate lawyer, legal origin, innovation and entrepreneurship, LLC
JEL Classification: K20, K22, L22, L26, L51
Date posted: August 10, 2011 ; Last revised: July 6, 2012
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