In-house counsel who perform multiple roles can find it difficult to identify when they face a conflict of interest arising from their role. Those and other typical ethical quandaries faced by in-house counsel were outlined in a recent Practising Law Institute panel featuring in-house and outside counsel. This second article in a two-part series originally published in our sister publication the Private Equity Law Report identifies unique ethical issues that in-house counsel confront and guidance for navigating common types of conflicts of interest. The first article examined the importance of identifying the GC's correct client, as well as attorney-client privilege considerations, in PE transactions 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).