Closing opinions are letters that attorneys issue for the benefit of parties to a transaction. With these letters, attorneys attest on behalf of their clients to the enforceability and legal status of deals. These letters can reduce information asymmetries and can function as a type of deal insurance.
That said, descriptions of what lawyers actually do when they issue closing opinions turn out to be deceptively complex. As a consequence, the questions of what lawyers should do, or what they could do, when they issue closing opinions can fall out of focus.
Deal lawyers should consider new ways in which … Read more