EXHIIBT 5.01

                     [LETTER HEAD OF DEBEVOISE & PLIMPTON]

                                                 June 25, 1996


The Equitable Companies Incorporated
787 Seventh Avenue
New York, New York 10019

                      Registration Statement on Form S-3

Dear Sirs:

        We have acted as counsel for The Equitable Companies
Incorporated, a Delaware corporation (the "Company"), in connection with
the preparation and filing with the Securities and Exchange Commission
(the "Commission") under the Securities Act of 1933, as amended (the
"Act"), of a Registration Statement on Form S-3 as amended (the
"Registration Statement") pertaining to shares of previously registered
Common Stock, par value $.01 ("Common Stock") of the Company to be
purchased in the open market by the Company's transfer agent in
connection with the Company's Direct Purchase Plan.

        An opinion as to the legality of the Common Stock was previously
filed in connection with the original registration of the Common Stock
under a Registration Statement on Form S-1 (Registration No. 33-48115),
and we hereby reconfirm such opinion as if delivered on the date hereof.

        In addition, we hereby consent to the use of our name under the
heading "Legal Opinion" in the Prospectus forming a part of the
Registration Statement. In giving such consent, we do not thereby
concede that we are within the category of persons whose consent is
required under Section 7 of the Act or the Rules and Regulations
promulgated thereunder.


                                          Very truly yours,

                                          Debevoise & Plimpton