Law firms are gaining wealth through hedge fund money. Nine thousand funds manage more than $1.4 trillion in assets, so firms that originally advised hedge funds and even those with more traditional corporate finance practices are reaping the benefits. Hedge fund fees account for about a third of total revenue at Schulte Roth, for example, and at Willkie Farr & Gallagher the asset management practice (which includes hedge funds) has doubled in the past few years. As a result of this growth, firms with no significant hedge funds clients are looking for attorneys with these types of practices. Recruiters and law firms are busy searching for lawyers experienced in asset management work; hedge funds themselves have also been looking to hire, especially transactional and compliance lawyers.
Source: www.nytimes.com