{"ok":true,"canonical_url":"https://dealroom.so/glossary/legal-counsel","api_url":"https://dealroom.so/api/public/glossary/legal-counsel","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"legal-counsel","term":"Legal counsel","aka":"Attorney","group":"People and paperwork","definition":"An attorney or law firm providing legal advice and representation. A buyer needs their own legal counsel to review deal documents, protect their interests, and ensure a smooth transaction.","what_it_means":"Your legal counsel will review the LOI, purchase agreement, and all closing documents. They identify risks, negotiate terms, and ensure compliance. Don't rely on the seller's or lender's attorney; get your own.","url":"https://dealroom.so/glossary/legal-counsel","official_sources":[],"related":[{"slug":"loi","term":"LOI","url":"https://dealroom.so/glossary/loi"},{"slug":"due-diligence","term":"Due diligence","url":"https://dealroom.so/glossary/due-diligence"},{"slug":"loan-agreement","term":"Loan agreement","url":"https://dealroom.so/glossary/loan-agreement"}],"related_questions":[{"question":"Is \"insurable interest\" always a legal requirement for obtaining business life insurance?","url":"https://dealroom.so/sba-7a/questions/is-insurable-interest-always-a-legal-requirement-for-obtaining-business-life-insurance"},{"question":"What if the business I'm acquiring has existing litigation or legal disputes?","url":"https://dealroom.so/sba-7a/questions/what-if-the-business-i-m-acquiring-has-existing-litigation-or-legal-disputes"},{"question":"Can a lender include unapproved legal fees in a Universal Purchase Package (UPP)?","url":"https://dealroom.so/for-lenders/questions/can-a-lender-include-unapproved-legal-fees-in-a-universal-purchase-package-upp"},{"question":"What if the business I'm buying has existing legal disputes or pending lawsuits?","url":"https://dealroom.so/sba-loans/basics/what-if-the-business-i-m-buying-has-existing-legal-disputes-or-pending-lawsuits"},{"question":"What if the business I'm buying has existing legal disputes or pending litigation?","url":"https://dealroom.so/sba-7a/questions/what-if-the-business-i-m-buying-has-existing-legal-disputes-or-pending-litigation"},{"question":"What if the business I want to buy has pending litigation or unresolved legal claims?","url":"https://dealroom.so/sba-7a/questions/what-if-the-business-i-want-to-buy-has-pending-litigation-or-unresolved-legal-claims"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Legal counsel","url":"https://dealroom.so/glossary/legal-counsel","source_type":"DealRoom Data"}}