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Law Firms Profit From Hedge Fund Work

Posted Apr 20, 2007 9:43 AM CDT
By Debra Cassens Weiss

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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.

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