Exhibit 5.1

August 30, 2002
Premium Financial Services & Leasing, Inc.
9229 Delegates Row, Suite 130
Indianapolis, IN 46240

Gentlemen:

I refer to the Registration Statement on Form SB-2, the "Registration Statement"
filed by Premium Financial Services & Leasing,  Inc., a Wyoming corporation (the
"Company"),  with the United States Securities and Exchange Commission under the
Securities  Act of 1933,  relating to the  re-offer by the selling  shareholders
listed  therein of 250,000  shares of common  stock,  $0.001 par value per share
(the "Stock"),  originally  acquired by these  shareholders  in earlier  private
transactions.

         As counsel to the Company,  I have  examined  such  corporate  records,
documents and questions of law as I have deemed necessary or appropriate for the
purposes of this opinion,  including a review of applicable federal law. In such
examinations, I have assumed the genuineness of signatures and the conformity to
the originals of the documents supplied to me as copies. As to various questions
of fact material to this opinion, I have relied upon statements and certificates
of officers and representatives of the Company.

         Upon  the  basis  of this  examination,  I am of the  opinion  that the
250,000  shares of Stock offered by the selling  shareholders  have been validly
authorized,  are  legally  issued,  fully  paid,  and  are  non-assessable.   If
transferred  or sold in  accordance to the terms of the  prospectus,  they would
continue to be legally issued, fully paid, non-assessable shares of the Company.

         I hereby  consent to the filing of this  opinion as Exhibit  5.1 to the
Registration Statement and with such state regulatory agencies in such states as
may require such filing in  connection  with the  registration  of the Stock for
offer and sale in those states.

Sincerely,

/s/ Kevin M. Sherlock
Law Office of Kevin M. Sherlock

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