When you want to negotiate the terms of a successful, win/win Joint Venture, there are a few basic guidelines that I have learned through the years that will help you to optimize the opportunity and maximize the chances of a successful Joint Venture that can lead to many more.

When people talk about conflicts of interest, they usually assume that professionals consciously consider these opposing forces (what's good for them versus their professional obligations). Take, for example, the old lawyer joke, "It's not whether you win or lose, it's how long you play the game," which implies that attorneys are primarily motivated to maximize their billable hours.