In-house counsel who wear multiple hats may face a number of ethical issues, as well as situations that make determining when the attorney-client privilege applies, and to whom it applies, difficult. This first article in a two-part series originally published in the Private Equity Law Report covers a PLI program featuring in-house and outside counsel who examined the importance of correctly identifying which individual or entity is a GC’s client, as well as attorney-client privilege considerations in the context of PE transactions. The second article will cover the panelists’ insight on unique ethical issues that in-house counsel confront and will provide guidance for navigating common types of conflicts of interest See our two-part series on preserving the privilege for in-house counsel: “Communications and Common Issues” (Feb. 17, 2021); and “Internal Investigations and Depositions” (Mar. 3, 2021).