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Hedge funds have gone Hollywood. Chasing high returns, money managers are plunking down hundreds of millions of dollars to finance films like “Superman Returns” and “Nanny McPhee.” For entertainment lawyers, it’s an opportunity to shine in new supporting roles. The influx of money from hedge funds and private-equity firms is reshaping film financing deals, leading lawyers toward lucrative transactions and new clients who might want a little glamour-by-association. “It’s always been fun cocktail conversation,” said Lawrence Ulman, the co-chairman of the entertainment group at Gibson, Dunn & Crutcher. “All of a sudden, we’ve become the focus of East Coast money looking for high returns,” adds Michael Mayerson, the co-chairman of Loeb & Loeb’s entertainment group. “Almost every weekend, there’s a movie in the box office backed with hedge fund money.” Among the recent, large-scale private-equity-funded deals:

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