{ "media_type": "text", "post_content": "What is the policy at your firme for \" side busines\"? I have a close friend who wants my help in dealing with a transaction ( basically helping him with drafting the documents) with a big investment fund. He has no money to pay me but offered some equity if the business go forward. The firm would not take him as a client because he could not pay the fees. The fund is not a client at the firm ( but has size to become one). I want to play fair with my firm but also do not miss the opportunity.", "post_id": "5f675b67715f6300306a6c31", "reply_count": 4, "vote_count": 2, "bowl_id": "5ebe077dd8e52a0021018e12", "bowl_name": "Law Partners" }

What is the policy at your firme for " side busines"? I have a close friend who wants my help in dealing with a transaction ( basically helping him with drafting the documents) with a big investment fund. He has no money to pay me but offered some equity if the business go forward. The firm would not take him as a client because he could not pay the fees. The fund is not a client at the firm ( but has size to become one). I want to play fair with my firm but also do not miss the opportunity.

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What does your firm's malpractice insurance permit regarding outside interests? Will you have a defined scope for your "work" in exchange for equity? What if the scope changes? Will you be a passive partner and have a written partnership agreement (or similar)? Does your friend waive the conflict issues that arise from this relationship?

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There would be no insurance. I decided to turn down the offer.

Your heart is in the right place but this has many risks. Many firms do not allow “outside work” or “favor for a friend type service” because if the deal goes south, everyone gets sued. Does your firm’s E&O cover you for work not done though the firm? If your firm allows “outside work”, you likely need to do a standard conflict check. You should also have an engagement letter spelling out the scope of the work and how you are to be paid ($, equity, % etc) Whatever you do, it is not a good idea to do work “under the table”.

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Totally agree. I disclosed the idea to the MC but some risks involved in terms of insurance made me to turn down the offer.

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