Law Firms Profit From Hedge Fund Work

Hedge funds’ legal fees are boosting the bottom line at law firms, the New York Times reports.

Business is booming because activist shareholders are bringing more proxy contests. A partner at law firm Schulte Roth & Zabel told the newspaper that hedge fund fees make up about a third of its revenue.

Some firms that want in on the action are trying to buy hedge fund practices. And hedge funds themselves are hiring more lawyers.