Formal opinion letters are requested in a wide range of financial transactions. Many hours of discussion may be involved in settling the scope and content of an opinion letter and agreeing who may rely on it.
While there are voluminous reports and guides on the giving of US opinion letters, only limited guidance has been publicly available on the giving of English opinion letters.
The City of London Law Society, whose members include some of the largest international law firms in the world, has now issued a guide on opinion letters on English law in financial transactions. It seeks to save time and costs for law firms and clients by explaining the issues and how they might be dealt with. 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.
The guide suggests...