ILA or Independent Legal Advice is advice that is supplied by a qualified solicitor who is entirely independent of conflicting or opposing interests and, therefore, will not be tempted to sway you in any particular direction when making a decision. They will be completely separate from any other party that is involved with the matter.
The Purpose of Independent Legal Advice
The purpose of independent legal advice is to ensure that you have a full understanding of the legal consequences and implications of the actions you plan to take, especially in a legal agreement or transaction.
Independent legal advice safeguards the interests and rights of the individual by giving them comprehensive and unbiased legal guidance. The solicitor will demonstrate that the client has sought independent legal advice and has received neutral advice by signing a certificate which the recipient will also countersign as proof of receipt.
When is Independent Legal Advice Required?
Independent legal advice will be required under several circumstances. These include:
- When providing guarantees for debts.
- During a divorce proceeding, child custody agreement, or other Family Law matter.
- When undertaking a property transaction.
- When creating or modifying a will, trust, or estate plan.
- During the negotiation of employment contracts, settlement agreements, or severance agreements.
- When entering a consumer contract such as a financial contract or long-term service agreement.
- During business transactions, for example, acquisitions, partnerships, and mergers.
- Before signing a long-term or complex insurance policy.
- During the negotiation of a debt restructuring agreement or debt settlement, or for a deed of subordination.
- When handling intellectual property rights matters such as technology transfers or licensing agreements.
Ensuring Transparency and Fairness
The professional supplying the independent legal advice will be doing so in order to enhance transparency and fairness during legal agreements and transactions and will be working in the best interests of the party that is seeking the advice.
For more information or for expert advice on business or personal legal issues, contact us at info@carterbond.co.uk or email us at www.carterbond.co.uk or call us on 020 3475 6751.
This content is not intended to be used as a substitute for specific legal advice or opinions. No recipients of content from this site should act or refrain from acting on the basis of content of the site without seeking appropriate legal advice.
