Some Thoughts on the Implications of Recent Developments for the Future of Opinion Practice

摘要

Recent developments in opinion practice provide glimpses of the future. Implementing rales under the JOBS Act can be expected to have an impact on securities law opinions and recent SEC guidance will affect the preparation of Exhibit 5 opinions. Issues discussed in four important pending bar reports suggest possible changes in various aspects of opinion practice. Since the reports, guidance, and proposed rules involve disparate issues, they do not have a common theme.