CLLS Guide to English opinion letters in financial transactions

Abstract

Formal opinion letters are requested in numerous financial transactions. They can frequently involve considerable discussion and sometimes difficulty. The parties may have differing expectations as to who should provide the opinion letter, in what terms and for whose benefit. The City of London Law Society (CLLS), whose members include some of the largest international law firms in the world, has issued a Guide to questions to be addressed when providing English law opinion letters in financial transactions. The aim of the Guide is to save time and costs spent in resolving these issues. It includes guidance on how to reconcile differences between English and US opinions practice in cross-border transactions. The Guide is available at www.citysolicitors.org.uk.