A formal document, prepared by an attorney or law firm, providing an analysis of the law as it applies to a specific factual situation. Such documents represent the professional judgment of the legal professional regarding the likely outcome of a legal matter. An example is a written analysis addressing the legality of a proposed business transaction.
These assessments are important as they offer clarity on complex legal issues, allowing individuals and organizations to make informed decisions and manage risk. Historically, these documents have served as a cornerstone of legal practice, providing a basis for strategic planning and compliance.