(1992) Report of the Legal Opinions Committee of the State Bar of Texas Regarding Legal Opinions in Business Transactions

Law Section of the State Bar of Texas was organized and began its work as an ad hoc committee in June 1989. The Committee was originally comprised of twenty-seven members, all of whom were experienced business lawyers from law firms located in various cities in the State of Texas. The Committee became a standing committee of the Business Law Section of the State Bar of Texas in 1990, and continued its work with the intent of publishing the report of the Committee prior to June 30, 1992. The goals of the Committee were primarily to encourage and express a consensus of Texas business lawyers with regard to (i) the philosophy and purposes of legal opinions rendered to third parties in business transactions; (ii) uniform approaches to format and coverage of such opinions; (iii) the meaning of certain words and phrases commonly used in legal opinions; (iv) guidelines for negotiation of and factual investigation to back up legal opinions; and (v) guidelines for Texas lawyers with respect to professional ethics and maintaining professionalism and quality control in connection with legal opinions. To achieve these goals, the Committee agreed to prepare a comprehensive report covering these topics, to be published as an educational tool and a guide to Texas lawyers in negotiating and drafting legal opinions.

This is the 1992 Report