Can an Associate be involved in multiple business ventures? Forum

[udonisandtrinity]

I am a 3L who secured a job at a boutique firm in their corporate and securities practice. All throughout law school, I've been the sole managing member of a profitable LLC and I don't intend to dissolve this entity any time soon. I'm also involved as a member of another LLC that is a tech-startup (we just raised 4.5mm). No conflict between the two LLCs, however, as a practicing attorney, am I allowed to have an active role in different businesses while working for a limited liability partnership? The firm knows about it and it's really the reason they hired me, so I guess it is fine to continue working on these side businesses ventures while grinding as an associate?

[Liam]

There is nothing presumptively unethical about being involved with business ventures outside of your firm—plenty of attorneys serve on the board of directors for Fortune 500 companies (Shill Alert: the Georgetown Law Journal actually has a forthcoming piece about this). Assuming the firm is aware that you plan to continue your involvement, the only problems are with potential conflicts if your firm takes work from competitors.

[udonisandtrinity]

Thank you.

Do you mind messaging me or replying to this thread when that article is published?

[Liam]

There is already a URL carved out for it here, although the piece is focused more on the characteristics of what companies tend to have lawyer-directors, and which benefit the most from lawyer-directors, than on the ethical issues of being a lawyer-director.