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If you're made aware of a potential conflict and have deemed it permissible, your next step may be to formalize your decision with a conflict of interest waiver. This waiver is a formal legal document serving as proof that an employee has made all necessary parties aware of the potential conflict.
This type of conflict most often occurs when a lawyer enters into a business transaction with the client after the formation of the attorney-client relationship. Some examples include purchasing property from the client at a below-market rate and drafting a will where the lawyer is a beneficiary.
Ordinarily that waiver includes written information addressing the three disclosures described above: (1) the circumstances giving rise to the conflict; (2) the risks of that conflict, including with regard to ?zeal? and confidences; and (3) the alternatives to the conflicted representation.
A conflict waiver is a written acknowledgment that a client has given informed consent for a lawyer to handle a legal matter despite the possibility of a conflict of interest.
In very limited circumstances, a conflict will be unwaivable, but most conflicts can be waived with the affected party's informed consent. Under the Rules, no conflict can be waived without the affected party's informed consent. In some instances, that informed consent must be confirmed in writing.