For many in the business world, their attorneys are both trusted advisors and friends. It is no surprise that clients often approach attorneys about another role: business partner. That can make sense in many circumstances, and the hope is that the business venture thrives and all are happy. But where things go poorly, the attorney might be in the crosshairs.

It is not difficult to see where problems might arise. On one hand, the attorney owes a duty of loyalty to the client and is expected to act in the client's best interests at all times. On the other hand, an attorney that shares ownership in a business venture with the client may, at times, have competing interests arising from the attorney's personal investment.