Exhibit (i)(3)

[LETTERHEAD OF DECHERT LLP]

CONSENT OF DECHERT LLP

We hereby consent to the reference to our firm under the caption “Fund Counsel” in the Statement of Additional Information comprising a part of Post-Effective Amendment No. 36 to the Form N-1A Registration Statement of Universal Institutional Funds, Inc., File No. 811-07607. We do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.

/s/ Dechert LLP

New York, New York

April 12, 2010