• The Broker Protocol

    The Broker Protocol

    Recruiting and Trade Secrets Law in the Financial Industry

    View The Broker Directory

  • Join The Protocol

    Join The Protocol

    The Protocol for Broker Recruiting is maintained at Bressler, Amery & Ross at: Broker Protocol . You may look there for information on joining. Carlile Patchen & Murphy represents financial firms who wish to join and who also may have questions regarding the operation of the agreement and the recruiting of financial professionals from other Protocol firms. We charge a flat fee of $500.00 for that service. We also have extensive experience in Securities Regulation and Litigation http://www.cpmlaw.com/Practices/securities_law.aspx.

About The Firm

Carlile Patchen & Murphy LLP’s Securities Litigation Practice Group has 25 years experience representing the securities industry and its employees in disputes involving employment agreements, restrictive covenants, unfair competition and trade secrets.

About The Firm


Carlile Patchen & Murphy has served Ohio businesses and the people who own and operate them since 1967. We provide responsive client service and put our clients’ interests first. Clients are never just a file at CPM. They are valued, important, and appreciated. We offer a host of legal services for businesses, from entity formation and ownership interests to financing, tax planning, and operations. We can also assist business owners in the transfer of their business to their employees or a third party.

Academic Study


We show that the assignment of property rights to client relationships affects employee behavior in the industry for financial advice. Our identification comes from staggered firm-level entry into The Protocol for Broker Recruiting. The Protocol effectively transfers the ownership of the client relationship from the firm to the employee. We document that entering into the Protocol increases employee labor mobility among member firms. Further, upon Protocol inclusion, we find that employees are less likely to generate customer complaints, more likely to invest in their own general human capital, but less likely to invest in firm-specific human capital. We use detailed employee-employer matched data for the universe of financial advisors to show these effects hold within the same job spell and across advisors within the same county at the same time. Our results suggest that limiting labor mobility may limit employee incentives to invest in human capital. Read more

Meet the people behind The Broker Protocol

  • Dennis Concilla heads the Securities Practice Group

    Dennis Concilla practices securities law at Carlile Patchen & Murphy LLP, where he heads the firm's Securities Litigation and Regulation Practice Group. His focus is in the area of securities industry employment arbitration and regulation. Dennis joined CPM in April, 1985. He has been listed in Best Lawyers in America® for several years and The Securities Law Practice Group recently received a top tier ranking from Best Lawyers in America®.

    Read more about Dennis Concilla. | Here are articles written by Dennis.

  • Dennis Concilla heads the Securities Practice Group

Contact Us


366 East Broad Street,
Columbus, OH 43215

535 Metro Place South, Suite 200
Dublin, OH 43017


Phone: 614.228.6135 | Fax: 614.221.0216

Phone: 614.846.2000 | Fax: 614.846.2003