The article enlightens the old theory of interpretation, which insists onfinding the intentions of the legislator in the text of law. Its obsolescence is alleged andthe main critical arguments are set forth. Critical analysis of the current level of domesticworks in the field of interpretation is given. The basic features that should meet the newtheory of interpretation are provided: changed methodological foundation, thecombination of flexibility and stability, updated understanding of purpose of interpretationwith the requirements of the new methodology, updated technics and technology ofinterpretation, consideration of values and pragmatic aspects of interpretation,differential treatment to different sources of law . A new classification of theories ofinterpretation or interpretive systems is set. They are divided into static-subjective,static-objective, dynamically-subjective, dynamically-objective, mixed and synthetic.Positive features of synthetic theory of interpretation are prooved.