Understand the proper role of the legal opinion and develop techniques to minimize or eliminate unnecessary and wasteful contention.
Commercial lenders routinely require a borrower's lawyer to deliver a legal opinion at the closing of the loan transaction. The borrower has to pay for this but rarely believes that the exercise provides any benefit to the borrower. If the legal opinion is not negotiated until the end of the transaction, or if the borrower's lawyer and the lender's lawyer cannot agree on some element of the opinion, it often becomes a sticking point at the last minute, exacerbating the borrower's frustration. How should a borrower's lawyer deal with the opinion requirement to ensure that the process is handled efficiently and (relatively) inexpensively? This topic will help lawyers who engage in financing transactions, both on the lenders' and borrowers' side, understand the proper role of the legal opinion and develop techniques to minimize or, hopefully, eliminate unnecessary and wasteful contention over the issues that can arise if the process is not handled intelligently.
Agenda
Faculty
Alan S. Dubin
Arent Fox LLP
- Partner with Arent Fox, LLP, Washington, DC (since 1986)
- Practice emphasizes financing transactions of all kinds, including cash-flow lending, real estate lending, asset based lending, equipment financing, and leveraged acquisition lending
- Regularly conducts seminars and workshops about financing transactions, Article 9 of the Uniform Commercial Code, and closing opinions
- Author of several articles on various commercial law issues
- Adjunct professor, The George Washington University Law School, teaching secured transactions
- J.D. degree, Order of the Coif, George Washington University Law School; B.A. degree in history and political science, University of Rochester
- Can be contacted at [email protected] or 202-857-6042
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