A recent district court decision is a reminder of the limits of the attorney-client privilege. The ruling in the Southern District of New York held that communications between an investment adviser and staff attorneys at its compliance consulting firm were not privileged when made within the scope of a “membership agreement” that specifically disclaimed that the consultant’s attorneys were rendering legal advice. This article details the decision, provides attorney insight on its implications and outlines four strategies to mitigate the risk of waiving privilege. See “Conducting Internal Investigations in the Shadow of U.S. v. Connolly” (Jun. 12, 2019).