Should we make sure our lawyer is not also working for competitors/acquirers?

I believe that in all states, working for competitive companies producing competitive products, would be a conflict of interest. The legal Bars of each state usually frown upon such activity with dire consequences for the attorney or firm, although it may be possible if both companies sign waivers, just so that all parties involved are aware of the "playing field" and what is transpiring in the "playing field".