I am a young lawyer and also an entrepreneur. I want to run my law practice, but I also want to start a collection agency and a title insurance agency. Separately, I may also have another business. Where are the lines drawn? Am I bound by the Rules of Professional Conduct in my businesses?
The best answer is be a lawyer or be a business person. Doing both can potentially get a lawyer in trouble because one has an obligation to their clients and to devote most of their time to their law practice. Further, business and law are different. A business has the goal of making money. Law has the goal of helping people, which is why it is a profession. The best practice for a young lawyer is to make up their mind, either be a business person or a lawyer. It is not always wise to do both.