Precedent is important in our legal system because it provides consistency, predictability, and stability in the interpretation and application of laws. By following established precedent, courts ensure that similar cases are treated similarly, promoting fairness and equality before the law. Precedent also guides legal decision-making, helping judges to analyze and apply legal principles to new cases based on past rulings. Moreover, reliance on precedent fosters public confidence in the legal system by demonstrating its reliability and adherence to established legal norms.