Defining the Instrument: Judicial vs. Transactional Opinions

In the lexicon of the legal industry, the term “legal opinion” carries a dual meaning, a distinction that is foundational to understanding its function in global commerce. The two forms, while sharing a name, serve fundamentally different purposes and arise from different corners of the legal ecosystem. Comprehending their relationship is the first step toward appreciating the transactional opinion’s evolution and its indispensable role in modern finance.