As part of its program entitled “Hedge Funds 2012: Strategies and Structures for an Evolving Marketplace,” the Practising Law Institute held a session addressing prime brokerage issues that impact hedge funds.  Specifically, the panel provided an overview of services offered by prime brokers; the impact of the 2008 financial crisis on hedge funds and prime broker operations; critical provisions that hedge funds should consider when negotiating prime brokerage agreements; and other non-legal protections that hedge funds should consider to mitigate the risks that commonly arise when dealing with prime brokers.  This article summarizes key takeaways from that session.