Fees are coming way down in the industry - very few shops can charge 2 and 20 these days. A flat fee of 1% is much more likely. Bill Ackman was a rockstar od the industry, so could get away with it for longer than most. Not any more.

Even in the old days, 2 and 20 was the starting point for a negotiation. If a client can bump up a firm's assets under management significantly, they have a lot of bargaining power.