Dissident Shareholders Up Their Demands, Fuel Legal Work

Activist and dissident shareholders, particularly hedge funds, are boosting corporate legal work as boards of directors cope with demands from sophisticated investors and proxy contests when those investors seek a board seat. The activists want changes to increase shareholder returns. And as lawyers help companies grapple with increased activism, they also expect proposed rule changes for proxy contests to heighten activist investors' leverage -- by easing board election hurdles faced by outsiders.

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