An interesting article on the code of conduct in the Lords.
https://www.parliament.uk/mps-lords-and-offices/standards-and-financial-interests/house-of-lords-commissioner-for-standards-/cod

Financial inducements and parliamentary influence

15. Members are required under paragraph 7 of the Code to base their actions on consideration of the public interest. Acceptance of financial inducement as an incentive or reward for exercising parliamentary influence would necessarily contravene this principle. Paragraph 8(c) of the Code therefore states that members “must never accept or agree to accept any financial inducement as an incentive or reward for exercising parliamentary influence”.

16. Paragraph 8(d) of the Code describes the specific application of the principles described in paragraphs 7 and 8(c): members “must not seek to profit from membership of the House by accepting or agreeing to accept payment or other incentive or reward in return for providing parliamentary advice or services.”

To cut to the quick on that: Hains takes remuneration from the company representing the Telegraph. The Telegraph wants disclosure , hence employing same said lawyers,
Up pops Hains with parliamentatry privilege, names names, gives the Telegtraph carte blanche to print.Jobs done its a good on

Hains relies on a defence of" not knowing this company represented the Telegraph!"

Not being able to manoeuvre through legal minefields, my take is he is very naughty.