<p>Are lawyers often involved in these trades because regulatory issues and contracts are so vital to the deal going through? Do they act as the trader themselves or advise traders who are more concerned with the quant. side? Can someone w/ a JD go directly to a hedge fund that performs these trades or would they typically go to I-bank first?</p>
<p>Actually yes. They are typically traders themselves. Risk arb is a pretty intensive field so desks are basically focused solely on the various deals present. However, a JD is not necessary as you can learn most of the info while working. </p>
<p>As for HF or bank it depends on where you can get the position (there are HFs who recruit undergrads for risk arb).</p>