Legal advice is often obtained as part of a banking transaction, but its importance is often overlooked. This blog will explore the purpose of a legal opinion and when a lender might need to get one. What is the purpose of a notice? You need to be clear about why you want legal advice. It`s up to you: good opinions are practical and written in plain language. We do not write scientific articles where it is difficult to act. We always give a summary with a short and clear answer. Details can be found in the main part of the review. When we prepare legal opinions, we present the facts, the relevant law, and then apply the law to the facts. As a general rule, we also give you a list of decisions or actions you can take based on our legal opinion.
We strive to answer your question and give you practical advice to help you take meaningful and informed action. Opinions should be an objective analysis, not a subjective one. Another objective is to meet regulatory requirements. A legal notice informs the recipient of the legal effect of completing the proposed transaction. For example, in the context of a cross-border transaction, lawyers in a foreign jurisdiction may issue an opinion on the validity of a transaction document, whether it is enforceable in that jurisdiction and whether it complies with local laws (for example. B, local registration or stamp duty requirements). A legal opinion is a written statement by a judicial officer, a legal expert or a court on the illegibility or legibility of a condition, an artistic director or an act. In business, an opinion letter represents the opinion giver`s professional understanding of a particular aspect of a transaction or transaction based on legal principles. © 2018 A. Flieger – This publication is defined as containing accurate and authoritative information relating to the topic covered. They are transmitted provided that the publisher does not provide any legal or other professional services. If legal advice or other expert services are required, professional services should be used.
You can contact A. Flieger at any time at email@example.com. A legal notice identifies the legal risks and issues that the recipient should address in connection with the transaction. For example, a statement can identify certain documents that were not executed effectively and are therefore unenforceable. The beneficiary may use the problems mentioned in the notice to make further requests and, depending on the results of these investigations, to decide whether other forms of protection (e.g. B, warranties and indemnifications) are necessary. Legal advice should be taken into account whenever a transaction involves a foreign element on which UK lawyers cannot advise. In the case of difficult transactions, lawyers often prefer to provide written legal advice, as expert opinions provide insight into the scope of the advice given as well as the exceptions and qualifications found, thus limiting the lawyer`s liability. Legal advice is often sought on cross-border transactions, particularly in transactions involving the acquisition of companies, credit and securities transactions, and real estate sales and purchases.
For example, if a transaction involves a Luxembourg company, the lender may seek legal advice from a law firm in Luxembourg to confirm (among other things) that the Luxembourg company is legally constituted and registered and that the documents it concludes have been validly executed and are binding and enforceable. Members of the Michalsons Privacy Program can learn about privacy views. A party to an international transaction is concerned about all legal aspects related to the transaction, including matters governed by foreign law. With respect to foreign law matters, the most important element of the senior counsel`s duty of care (whether or not the lead counsel is the advisor to the addressee of the opinion) is to seek counsel`s advice on relevant matters governed by foreign law. It cannot be overemphasized that the lead counsel does not fulfill his or her obligations to his or her client by simply seeking the advice of a foreign lawyer. The senior counsel must make a thorough effort to uncover any legal issues that may exist under the relevant foreign law and must ensure that these issues have been addressed and resolved. The principal investigator must ensure that the foreign legal counsel is familiar with the transaction and the purpose and meaning of the proposed statements. This requires close interaction between the lead lawyer and the foreign lawyer. The letter can also be described as an opinion on how the highest competent court would resolve the issues expressed in the letter. Professional understanding of the subject depends on the law at the time of writing. However, the opinions expressed in the letter are not a guarantee of any particular outcome.
Our clients to whom we have provided opinions include a variety of organizations. However, legal advice is increasingly accepted in international transactions. The reason for this is that when doing business abroad, business people and their lawyers are not familiar with the legal issues they face and often conclude that it is advisable to obtain a written assessment of the transaction and written assurances regarding the absence of legal problems. Business people often prefer insurance in the form of a written statement to oral advice, as it is common for a lawyer (like everyone else) to tend to be more cautious when writing down their advice. The carefully considered exceptions and limitations in the legal opinion clearly indicate to the expert certain problem areas and issues on which no legal assurance can be obtained. Duly drafted expert opinions also determine which issues related to a transaction are subject to foreign law and which issues are subject to the law of the trader`s home country. .