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Legal opinion
Practical Law ANZ Glossary w-032-9656 (Approx. 2 pages)
Glossary
Legal opinion
An opinion from lawyers issued in letter form expressing legal conclusions about a transaction. It may also include legal analysis relating to the transaction. The statements in it are able to be relied on by the addressee of the opinion. The main purposes of a legal opinion are:
- To inform the addressee of the legal effect of a transaction or matter.
- To identify legal risks that the addressee should consider further and evaluate.
For example, in financing transactions, a legal opinion is commonly issued to the lender by its lawyers. It typically opines on whether the finance documents have been properly signed by the borrower, are valid and enforceable and that they comply with local laws.
A legal opinion is not a substitute for legal advice which, in a transactional context, is likely to be more extensive.