Opinion 1874

It will be difficult for you to conduct a business selling mutual funds, annuities, and life and disability insurance while continuing to be a lawyer.

As a lawyer, you are bound by the Rules of Professional Conduct in any enterprise in which you engage, including the sale of these investments. There is a serious risk that the responsibilities you bring to your investment sales business from your profession as lawyer will be materially limited by your own interest in earning commissions or your responsibilities to the companies whose investment products you are selling. If you decide to proceed with these dual professions, you must comply with all the Rules of Professional Conduct whether you are conducting a law practice or selling investments. You should pay particular attention to RPCs 1.7(b), 1.8(a) and (f), 1.10(a) and 5.4(c).

You will also have to assure compliance with RPC 7.3 regarding direct contact with potential clients when you are soliciting customers for your investments business. In addition, RPC 1.10 may also extend any ethical or other implications of your dual role to your law firm and you may need to notify your firm of your dual professional role.

Advisory Opinions are provided for the education of the Bar and reflect the opinion of the Committee on Professional Ethics (CPE) or its predecessors. Advisory Opinions are provided pursuant to the authorization granted by the Board of Governors, but are not individually approved by the Board and do not reflect the official position of the Bar association. Laws other than the Washington State Rules of Professional Conduct may apply to the inquiry. The Committee's answer does not include or opine about any other applicable law other than the meaning of the Rules of Professional Conduct.