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Accounting and law firms around the globe are following with great interest the progress through British courts of a lawsuit. Those familiar with the suit, filed by Prince Jefri of Brunei against the professional service firm KPMG Peat Marwick, remark that its judgement will be "a landmark ruling with profound implications." At stake is nothing less than how professional service firms conduct their business.; Explores how professional service firms should think about "conflict of interest" in deciding whether to accept engagements. Highlights: 1) the emerging tension between how accounting firms and law firms view their responsibility to clients and 2) the use and limitations of "Chinese walls" in managing potential conflicts within firms.