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Legal Opinions
This Article will discuss a few significant topics that have been the subject of recent discussion at the WGLO Seminars and among legal opinion practitioners, including recent litigation and claims against law firms relating to legal opinions.
Statement of Opinion Practices
The Legal Opinions Committee of the ABA’s Business Law Section and the Working Group on Legal Opinions Foundation, through a Joint Committee of bar group representatives and other opinion practitioners, have sponsored a project to prepare a Statement of Opinion Practices that establishes a national basis for the preparation and understanding of third-party legal opinion letters. Representatives of the Texas Business Law Section’s Legal Opinions Committee have participated in this project. The Statement has been approved by numerous bar groups, including the Texas Business Law Section. In addition to the Statement, the Joint Committee has also published an Explanatory Note and the Core Opinion Principles, both of which have been posted on this website.
Statement of Opinion Practices - Explanatory Note
The drafters of the Statement of Opinion Practices have prepared an Explanatory Note that provides explanatory information regarding the Statement and the related Core Opinion Principles.
Core Opinion Principles
The Core Opinion Principles are drawn from the Statement of Opinion Practices. The Core Opinion Principles are designed for use by opinion givers who wish to incorporate or attach to their opinion letters a more concise statement of some of the opinion principles included in the Statement.
Statement on the Role of Customary Practice in the Preparation and Understanding of Third-Party Legal Opinions
In 2008, more than 25 bar organizations, including the Texas Business Law Section, adopted the Statement on the Role of Customary Practice in the Preparation and Understanding of Third-Party Legal Opinions. The Customary Practice Statement describes the role of customary practice in rendering and receiving third-party legal opinions.
ABA Legal Opinion Resource Center
The ABA Legal Opinion Resource Center is a website that contains reports and other materials useful in legal opinion practice.