Posted Apr 20, 2007 02:43 pm CDT
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.