<DOCUMENT>
<TYPE>EX-99.2L
<SEQUENCE>3
<FILENAME>kl.txt
<DESCRIPTION>K&L OPINION OF COUNSEL DATED 7/19/04
<TEXT>
July 19, 2004



Liberty All-Star Equity Fund
One Financial Center
Boston, MA  02111

Dear Sirs:

         This opinion is furnished in connection with the registration by
Liberty All-Star Equity Fund, a business trust organized under the laws of the
Commonwealth of Massachusetts ("Fund"), of 3,168,280 shares of beneficial
interest, without par value ("Shares"), under the Securities Act of 1933, as
amended, pursuant to a registration statement on Form N-2 (File No. 333-113386),
as amended ("Registration Statement").

         As counsel for the Fund, we are familiar with the proceedings taken by
it in connection with the authorization, issuance and sale of the Shares. In
addition, we have examined and are familiar with the Declaration of Trust of the
Fund, the By-Laws of the Fund, and such other documents as we have deemed
relevant to the matters referred to in this opinion.

         Based upon the foregoing, we are of the opinion that the Shares, upon
issuance and sale in the manner referred to in the Registration Statement, will
be legally issued, fully paid and non-assessable shares of beneficial interest
of the Fund. In regard to the opinion expressed above that the Shares of the
Fund are nonassessable, we note that the Fund is an entity of the type commonly
known as a "Massachusetts business trust." Under Massachusetts law, shareholders
could, under certain circumstances, be held personally liable for obligations of
the Fund.

         We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the use of our name in the Prospectus constituting
a part thereof.



                                              Very truly yours,

                                             /s/ Kirkpatrick & Lockhart LLP
                                             --------------------------------
                                                 Kirkpatrick & Lockhart LLP



BOSTON DALLAS HARRISBURG LOS ANGELES MIAMI NEWARK NEW YORK PITTSBURGH
SAN FRANCISCO WASHINGTON

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