[TimH]

A well known Palo Alto law firm I talked to last year made this point abundantly clear in early discussions re engaging them. They wouldn't represent the founders, they would represent the company. Even in those early talks they mentioned there would sometimes be conflicts of interest where it would be best the founders seek their own legal advice.

[bfe]

That's exactly right, and they're also doing their job right to recommend the founders get their own separate counsel. I have seen some really surprising conflicts of interest arise between founders and investors and even between founders before the corporation exists to become the official client. Everyone wants to be awesome buddies and not think about the chance of not always getting along.