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An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
In 1908, the ABA's Committee on Code of Professional Ethics delivered the "Canons of Professional Ethics", which set forth general principles and responsibilities for members of the legal profession. [26] [27] The Canons drew heavily from the Alabama State Bar Association's 1887 Code of Ethics. [28]
Some firms use titles such as "counsel", "special counsel", and "senior counsel" for the same concept. According to American Bar Association Formal Opinion 90-357, the term "of counsel" is used to describe a "close, personal, continuous, and regular relationship" between the firm and counsel lawyer. [1]
The American Bar Association (ABA) is a voluntary bar association of lawyers and law students; it is not specific to any jurisdiction in the United States. Founded in 1878, [2] the ABA's stated activities are the setting of academic standards for law schools, and the formulation of model ethical codes related to the legal profession.
Business letters can have many types of content, for example to request direct information or action from another party, to order supplies from a supplier, to point out a mistake by the letter's recipient, to reply directly to a request, to apologize for a wrong, or to convey goodwill. A business letter is sometimes useful because it produces a ...
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