You have heard many times words of counselling against dealing with your own client. It must be a conscientious disclosure of all material circumstances, and everything known to him relating to the proposed transaction which might influence the conduct of the client or anybody from whom he might seek advice. To disclose less than all that is material, may positively mislead. Thus, for a solicitor merely to disclose that he has an interest, without identifying the interest, may serve only to mislead the client into an enhanced confidence that the solicitor will be in a position better to protect the client's interest. This theme is carried through into Rules 10 and 12.
Examples are where the solicitor wishes to buy or borrow from a client.
Recently, a solicitor approached me indicating he had acted for a family over a long period of time. The mother had died and left her estate, including a property, to her adult sons. The sons had granted a large developer an option to purchase the property. They declined the developer's offer to extend the option and suggested that the solicitor might be interested in buying. This seemed to be, in the solicitor's view, as much a favour to him as a benefit to them.