How to determine, define, or escape conflict of interest

[Anonymous]

Non-attorney consultant here. I have a client that is involved in XYZ line of business and a potential client that is also involved in XYZ line of business.

The bulk of my consulting work is government relations, however, my current client is interested in possible government contracts, and my guess is that the potential client will be interested in government contracts down the road.

Before I reach out to my attorney to structure a well defined contract of services for the potential client, or before I decide to decline the opportunity -- I wanted to see how others have handled the same situation. I've been consulting for nearly 10 years and I have managed to avoid this situation until now.