This year’s Annual Conference of the International Bar Association (IBA) was held in Dubai from 31 October till 4 November, attracting record participation of over 5,000 lawyers all over the world. TARK GRUNTE STUKIENE partner and head of Banking and Finance Practice Group in Estonia, Hannes Vallikivi, chaired a panel discussion regarding legal opinions and related client communication and the duty of care of lawyers who give legal opinions. Speakers at the popular session included Peter R. Dawson from United Arab Emirates (HSBC), Michael Kutschera from Austria (Binder Grösswang), David Dali Liu from China (Jung He), Stephen Powell from England (Slaughter and May) and Timothy E. Powers from the U.S.A. (Haynes and Boone). Lawyers have better acknowledged their liability involved in issuing closing legal opinions during the years of financial crisis and the opinion practice has therefore considerably changed. The session dealt with those changes and also gave practical hints on opinions givers’ risk management.
Hannes Vallikivi is the chairperson of Legal Opinions Subcommittee of the IBA’s Banking Law Committee since 2009. The Annual Conference of the IBA will be held in 2012 in Dublin and the traditional IBA International Financial Law Conference will be held in May 2012 in Istanbul.