Podcast Episode 189: Adding Context to Compliance and Color To Your Legal Practice

In this episode of the Legal Marketing 2.0 Podcast, Guy is joined by Patrick Hayes. Patrick Hayes is a partner and chair of the Investment Management practice at Calfee, Halter & Griswold LLP where he supports investment advisers and broker-dealers in the development and administration of their compliance programs, including the creation and implementation of policies and procedures governing all activities of the firm. His clients include wealth managers, private fund advisers, family offices, ERISA investment fiduciaries, dual registrants, broker-dealers, crypto-traders, mutual fund trusts, and institutional asset managers. In 2020, Hayes launched The Securities Compliance Podcast: Compliance in Context™ to serve as a personal master class for the securities industry’s legal and compliance professionals, and he’s a proud graduate of the University of Notre Dame and the University of Cincinnati College of Law.

1. The Reasoning Behind the Podcast 

Due to listening to podcasts for about 20 years, Patrick has been an early adopter of the use of podcasts as a way to download information. There are two main uses in the podcasting space: the Tony Cornheiser show for those in and around the DC area, and podcasts for those outside of the DC area. Patrick transitioned into the investment management space due to a lack of content for securities, legal, and compliance professionals. There was a lot of content available on the advisor side and investment side, but it was a niche area where people would want quality content and a deeper dive into the types of information and issues they might be dealing with. The National Society of Compliance Professionals (NSCP) is a great organization for compliance officers and legal practitioners in the securities compliance space. It provides educational resources, camaraderie, forums, conferences, and other educational learning and seminars for compliance officers and legal practitioners in the securities compliance space. Working with them, Patrick came up with the idea of creating an educational learning seminar for compliance officers and legal practitioners. Three years later, the “Compliance in Context Podcast” emerged. 

2. The Purpose of The Show Today?

Patrick wanted to create a personal masterclass for securities, legal, and compliance professionals. His initial idea was to do interviews with people at the top of their game to shed insight and understand how it would impact a firm’s compliance program and business operations. The interviews would lead experts to shed insight and understand how it would impact a firm’s compliance program. “The Compliance In Context Podcast” is divided up into 3 parts: an intro section with headlines, a deep dive interview on a novel topic, and 3 rotating bits. The flagship episode includes an intro section with headlines, a deep dive interview on a novel topic, and a rotating bit on the history behind your back, which looks at an event for a person from history that teaches us a lesson about clients or something that could be used in compliance programs. “The Compliance In Context Podcast” doesn’t only focus on law and compliance, but also includes other elements of real life to provide entertainment and help people make connections that can improve their practice.

3. How Has The Show Evolved Over Time

The investment management space is different from other areas of the law in that it requires more time to dive into the topic. This was unexpected, as the episodes were supposed to be kept in the 20-30 minute range. However, the average length of the show has doubled due to the complexity of the nuances and issues discussed. This has resulted in the average length of the show being doubled.

Takeaway 

Your professional and personal lives don’t exist in a vacuum. People talk about work-life balance as though the two are mutually exclusive. Patrick has found a better approach is to do things that make you happy in your career and that are designed around work-life integration. The author James Michener writes, “The master in the art of living makes little distinction between his work and his play, his labor and his leisure, his mind and his body, his information and his recreation, his love, and his religion. He hardly knows which is which. He simply pursues his vision of excellence in whatever he does, leaving others to decide whether he is working or playing. To him, he’s always doing both.”

You can find Patrick Hayes on Linkedin & Twitter and his law firm’s Website.

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