New Career: Hedge Fund Sleuth

Some attorneys are on a lucrative but unusual career path: They help hedge funds gather intelligence about pending cases so money managers can make informed investment decisions.

The lawyers dig through court files and monitor court hearings and trials to analyze the cases, earning as much as $800 an hour. writes about the lawyers in a story called “Secret Lives of Hedge Fund Lawyers.”

Minutes and seconds matter, says Edward Black, co-chair of the intellectual property practice at Ropes & Gray in Boston. Lawyers monitoring a trial who quickly report a result before it’s available to the general public can help their hedge-fund clients profit on the information.

Lawyers taking copious notes at trials aren’t mistaken for reporters, though. They dress much better.

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