True Colors (1991) on Netflix

Peter Burton and Tim Garrity both meet when they go to law school. Tim comes from an affluent family, while Peter comes from the working class, which he is a bit ashamed of. Tim's a noble person who wants to do what is right, while Peter's willing to do whatever it takes to get ahead. And that includes blackmail and intimidation. And when his latest scheme burns Tim, Tim decides to find out if Peter deliberately betrayed him or if the man he works, John Palmeri made him do it and if so to make them answer for it.