Legal Due Diligence and Virtual Law Office Services

Endarto, Budi (2017) Legal Due Diligence and Virtual Law Office Services. Journal of Law, Policy and Globalization, 64: 5. pp. 32-38. ISSN 2224-3240

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Abstract

The study of Legal Due Diligence and Virtual Law Office Services illustrates that legal due diligence in the operational dimension is a legal compliance review activity. Deontology sees justice playing this role in the commonly used terminology of Kantian's is a categorical imperative based on the principle of universalizability that greatly affects the development of the need for legal due diligence. Legal due diligence as a legal compliance review, is a means to examine legal compliance and morally accountable standards for compliance with laws and regulations relating to corporate governance activities. Utilitarians see benevolence as the central moral virtue, and legal compliance review is implemented to minimize the potential legal problems that may affect the director and/or the corporation itself. Thus, legal due diligence is as the application of the rule utilitarianism theory, which means that a business activity, to be considered as good and based on juridical morals, must be seen from the perspective of the corporate's compliance to run its business activities for the benefit of the public. Furthermore, the factors that encourage the development of legal due diligence is the implementation of disclosure principle and materiality principle. The implementation of disclosure principle and materiality principle itself is driven by the change of doctrine of caveat emptor into caveat venditor. The change of doctrine aims to minimize the practice of fraud which became the main cause of the U.S. stock market crash (great depression) in 1929. In addition, the shift of corporate governance model from contractarian approach or shareholder approach into the company as corporate citizenship or team production is also a factor that encourages the development of legal due diligence.

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