Exhibit 5 --------- [LETTERHEAD OF COZEN AND O'CONNOR APPEARS HERE] July 11, 1997 Pierce Leahy Corp. 631 Park Avenue King of Prussia, PA 19406 Re: Registration Statement on Form S-8 Relating to Pierce Leahy Corp. Non-Qualified Stock Option Plan and 1997 Stock Option Plan --------------------------------------- Ladies and Gentlemen: As counsel to Pierce Leahy Corp. (the "Company"), we have assisted in the preparation of the Company's Registration Statement on Form S-8 (the "Registration Statement") to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, relating to 1,114,174 shares of the Company's Common Stock, $.01 par value (the "Common Stock"), that may be issued under the Pierce Leahy Corp. Non-Qualified Stock Option Plan (the "Non-Qualified Plan") and 1,500,000 shares of Common Stock that may be issued under the Company's 1997 Stock Option Plan (together with the Non-Qualified Plan, the "Plans"). In connection therewith, we have examined the Company's Articles of Incorporation, as amended, Bylaws, as amended, and such corporate records and other documents as we have deemed appropriate. In all examinations of documents, instruments and other papers, we have assumed the genuineness of all signatures on original and certified documents and the conformity to original and certified documents of all copies submitted to us as conformed, photostatic or other copies. As to matters of fact which have not been independently established, we have relied upon representations of officers of the Company. Based upon the foregoing examination, information and assumptions, it is our opinion that the shares of Common Stock to be offered under the Plans are duly authorized and, when issued and sold to the participants pursuant to the terms of the Plans, as applicable, will be legally issued, fully paid and non- assessable. We hereby expressly consent to the inclusion of this opinion as an exhibit to the Registration Statement. Very truly yours, COZEN AND O'CONNOR