December 27, 2013. Third party legal opinions are delivered at closings for business transactions of a certain magnitude. For example, lenders for transactions will require legal opinions by the borrower’s counsel that the documents will be effective and secure the loan. The American Bar Association and the TriBar Opinion Committee reports on what those opinions mean and the work lawyers are expected to do to support the opinions. Over the years, the drafting and receiving of third party opinion letters developed into a specialized area of legal business practice. Custom largely governs the transactional lawyers’ legal opinion practice. The bulk of the issues surround the juxtaposition between the lawyer’s duties to his client and the lawyer’s duties to the third party relying on the opinion. Through the opinion process, the lawyer has an obligation to raise potential matters that may be an issue. The lawyer always has a duty to his client and the duty of confidentiality. Similarly, a lawyer has a duty to conduct an adequate level of legal due diligence to provide the opinions the transaction requires. Opinion letters and their contents are a large part of transactional negotiations and a substantial function leading due diligence. The business law section of the American Bar Association provides fundamental information for lawyers on opinion letters at this website. For more information on legal opinion lawyers please contact CEO Attorney Jeana Goosmann at Goosmann Law Firm (712) 226-4000.

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