Vetting help when a bank or regulator demands an opinion

When a bank won't lend, or a regulator flags a compliance risk, or your auditors demand written assurance on a legal matter, you need an opinion from someone the gatekeepers will actually trust. A careless hire here can delay a deal, waste money, or leave you holding an opinion nobody will rely on. A sharp choice means moving forward with confidence.

The difference between a competent opinion-writer and a mediocre one is verifiable: depth of track record in the exact field, proof of regulatory standing, and candid references who've seen how their work holds up under scrutiny. This is not the place to save money or cut corners.

Search the live registers first

Start with the Law Society of South Africa (LSSA) register. An attorney must be admitted and in good standing. Search their name and confirm the category of practice they're registered for—you're looking for someone whose stated field aligns with your need. If they claim expertise in banking law but their registration shows only general practice, ask why.

If the opinion touches on property, tax, or insolvency, note whether they've gone further and earned specialist accreditation in that field. It's not mandatory, but it signals serious training. Regulators (FSCA, SARS, SARB) often lean toward opinions from specialists when the stakes are high.

If the opinion will be filed with a regulator, check whether that regulator publishes a list of approved or preferred opinion-writers. Some do. If they do, starting your search there is the fastest filter.

Proof of substantive work in your exact area

Don't accept "I do banking law" at face value. Ask for a list of opinions they've written in the last three years on issues close to yours—not the full text, just the scope and who the client was (subject to confidentiality). If they've never written an opinion on the specific issue you need, walk away.

Request evidence of any relevant secondment, in-house counsel role, or regulatory advisory work. If they've worked inside a bank's legal team or for a regulator, they'll understand what the opinion needs to prove and how it'll be read. If they've only ever been in general practice, their grasp of how a bank or regulator actually uses an opinion may be shallow.

Ask whether they've published articles, appeared on panels, or contributed to professional guidance on your topic. It's a proxy for credibility and currency.

Ring three references who've relied on their opinions

Insist on references from clients who've actually submitted an opinion to a bank or regulator. Not just one—ask for three. When you call them, ask:

• Did the regulator or bank accept the opinion without pushing back on its conclusions?
• Were there gaps or ambiguities the writer should have spotted?
• How long did the process take, and did the attorney communicate clearly along the way?
• Would you use them again for the same type of work?

If any reference hesitates, or says the opinion was accepted "eventually" after revisions, probe further. That can mean the writer hadn't thought it through clearly the first time.

Check whether the attorney carries professional indemnity insurance adequate to the risk. Ask the amount and verify the policy is current. If they can't produce proof, that's a yellow flag—they may not have thought about what happens if an opinion later turns out wrong.

What to confirm before commissioning

Get a quote in writing, and agree on the scope and timeline upfront. Ask the attorney to confirm in writing that they understand who will be relying on the opinion and what decision or transaction it will underpin. If they can't articulate your real question back to you accurately, they won't answer it.

Check their terms: do they give you a copy of their working file? Can you share the opinion with the regulator or bank without extra permission? Will they stand behind it if challenged? These are not standard; confirm them before you sign.

When a regulator or bank is waiting, there's pressure to move fast. Resist it. A week spent vetting the right attorney prevents weeks of delay if the opinion gets rejected. Strove's verified legal practitioners have been screened for registration and track record—you can filter by specialism and read reviews from clients who've used them for opinions under scrutiny. Start there if you want a shortcut to a credible hire.