Mergers-and-acquisitions lawyers, along with longtime fund-formation lawyers, are redefining the hedge fund practice with the resurgence of proxy fights. With 9,000 funds now managing more than $1.4 trillion in wealth, the result is a boon to law firms that originally advised hedge funds. "The resurgence of shareholder activism is a direct result of the growth of hedge funds," said Marc Weingarten, a partner at Schulte Roth & Zabel.

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