The law firm of Schulte Roth & Zabel is now harvesting the fruits of its labor; it took on hedge funds as clients when they were mere seedlings in the world of heavy-duty deal making. Things certainly have changed, and according to The Wall Street Journal, hedge funds have helped propel Schulte Roth to the level of “iconic brand” among law firms that represent hedge funds; it counts among its clients some of the biggest names in the industry – SAC Capital, JANA Partners, Eton Park Capital Management and Cerberus Capital Management, its biggest client.
The New York-based Schulte Roth currently represents about 25% of all hedge funds. And as HFs become more embedded in the deals business, and with the onset of new regulations, the firm is busier than ever, and has the bottom line to show for it; it now ranks 11th among profits per partner, up from 27th just five years ago.
As The WSJ reports, however, Schulte Roth lately has been finding itself in situations where they have conflicts – the result of ever-more complex deals. Still, there is plenty of hedge business to go around. For HF lawyers at the firm, life after Schulte Roth has included gigs as in-house counsel at hedge funds, with some even becoming money managers.