What is required for a lawyer to enter into business transactions with a client?

For a lawyer to enter into business transactions with a client, it is essential that the terms of the transaction, as well as the independent advice provided to the client, and the informed consent of both parties are documented. This requirement is rooted in the need to maintain professional integrity and to protect the interests of the client. Documenting these elements ensures that both the lawyer and the client have a clear understanding of the transaction's terms and conditions, which can help prevent misunderstandings and conflicts of interest.

Moreover, obtaining independent advice is crucial to ensure that the client is fully aware of their rights and the implications of the transaction, thereby promoting informed decision-making. This approach aligns with ethical guidelines and principles that govern the legal profession, emphasizing transparency and fairness in the attorney-client relationship.

Other options do not adequately address the comprehensive requirements for entering into business transactions with a client as outlined in professional conduct rules. For instance, simple verbal agreements lack the documentation necessary to protect both parties and do not establish an appropriate record in case of disputes. Additionally, bringing in an intermediary or relying solely on a signed contract without independent advice and informed consent does not meet the ethical obligations lawyers have towards their clients.