Exhibit 5

                                 BRYAN CAVE LLP
                             ONE METROPOLITAN SQUARE
                           211 N. BROADWAY, SUITE 3600
                         ST. LOUIS, MISSOURI 63102-2750
                                 (314) 259-2000
                            FACSIMILE: (314) 259-2020

                                   May 8, 1998


The Jones Financial Companies, L.L.L.P.
12555 Manchester Road
St. Louis, Missouri  63131-3729

     Re:   The Jones Financial Companies, L.L.L.P.;
           $68,000,000 Aggregate Amount of Limited Partnership Interests

Ladies and Gentlemen:

     We have acted as counsel for The Jones  Financial  Companies,  L.L.L.P.,  a
Missouri registered limited liability limited  partnership (the  "Partnership"),
in connection with the preparation of the Post-Effective  Amendment No. 1 to the
Registration  Statement for the  above-referenced  transaction  on Form S-8 (the
"Registration  Statement")  which will be filed with the Securities and Exchange
Commission  pursuant to the Securities  Act of 1933, as amended (the "Act"),  in
connection  with the  proposed  offer and sale of  non-voting,  non-transferable
limited  partnership  interests (the  "Interests")  to be issued pursuant to the
Partnership's  Ninth  Amended  and  Restated  Agreement  of  Registered  Limited
Liability  Limited  Partnership  dated  as of April 1,  1998  (the  "Partnership
Agreement").

     In connection  with the  foregoing,  we have examined  originals or copies,
certified or otherwise,  identified  to our  satisfaction,  of the  Registration
Statement  and the  Partnership  Agreement.  In addition,  we have examined such
other  documents,  records and questions of law as we have deemed necessary as a
basis for the opinions hereinafter expressed.

     Based on the  foregoing  and  subject to the  limitations  and  assumptions
contained in the  description  of the  offering  set forth in the  Partnership's
offering circular (the "Offering Circular"), we are of the opinion that:


The Jones Financial Companies, L.L.L.P.
May 8, 1998
Page 2

          (1) The Partnership is a validly existing registered limited liability
     limited partnership under the laws of the State of Missouri.

          (2) The Interests  have been duly  authorized by all necessary  action
     and, upon receipt of the  consideration  for the Interests,  such Interests
     will be legally and validly issued, fully paid and non-assessable,  and the
     holders of such Interests will be entitled to the benefits to which Limited
     Partners are entitled under the Partnership Agreement.

     We  hereby  consent  to the  filing  of this  opinion  as  Exhibit 5 to the
Registration  Statement  and to the  reference to this firm in the  Registration
Statement.

                                      Very truly yours,

                                      /s/ Bryan Cave LLP

                                      BRYAN CAVE LLP