This Comment seeks to prepare lawyers to address environmental risk management in the context of transactions, including: (i) transfers of ownership of corporate assets and of real property; (ii) extensions of secured credit; and (iii) issuance of securities. It offers tools for lawyers to assist clients in the identification of environmental risks, their assessment, and their avoidance or allocation to others. It also assists clients in understanding the goals of lawyers seeking to assess and manage environmental liabilities.