Legal opinions are sought routinely from foreign lawyers in the context of international financial transactions. Those opinions cover matters such as the status of borrowers, the validity of credit agreements and of choice of law and forum clauses, the potential impact of State immunity laws, and so on. The indisputably correct premise of this book is explained in the Introduction (p. 7): “If the lawyer, who, on behalf of his client, requests an opinion from a lawyer in another country, is able to inform himself in advance of the issues under that country’s law that determine the proper formulation of the opinion, the opinion process will be much smoother than it frequently is. On the other hand, if the lawyer who has been requested by a lawyer in another country to render an opinion is able to inform himself about the meaning given to the requested opinion formulation by the requesting lawyer, the opinion process will be further improved.” The text therefore examines the issues covered by a sample opinion rendered in connection with an unsecured multi-bank loan agreement, explains what a US lawyer would look for in such an opinion given by a foreign lawyer, and summarizes the views of lawyers in 25 major trading countries on the elements of their national laws with which the response to the request for the opinion should deal. The matters covered by the opinion occur commonly in a wide range of legal opinions, and therefore have a wide relevance. The national views have been prepared by a team of very experienced practising lawyers from the countries in question, co-ordinated by the editors.

The text, which is the Report of the Sub-committee on Legal Opinions of the IBA Committee on Banking Law, establishes a benchmark for legal opinions. It draws upon the common sense and experience of those who drew it up and is a reflection of good industry practice, as it were. Any opinion that does not cover the matters set out here is likely to be considered defective. As a statement of these minimum requirements, and as a guide to the formulation of opinions, it will be indispensable. But the book is not a manual. There is no step-by-step chart, the following of which will guarantee a satisfactory and competent opinion. Lawyers are, rightly, expected to use their sense and their professional skill. So, for instance, there is no mention made of the UK State Immunity Act 1978 in the section dealing with sovereign immunity (in fact, only US, Canadian and Australian measures are expressly mentioned); but lawyers will immediately see what kind of issues should be considered while preparing the opinion and will find the equivalent provisions in their own laws.

Most potential users of this book (and it is a book for users, rather than readers) will know one of its earlier editions; and those who do will have no doubt of its value. The work of the IBA in this field is making a major contribution to the facilitation of international trade and commerce, and this most recent product of that work is warmly to be welcomed.