Premiere Pro and Elements have an effect call "shadow/highlight" for lightning shadows and/or darkening highlights. Photoshop has a similar effect for still images. Does Vegas have something similar? If not, is there a third party plugin I could use?
Note that the lightening of shadows or backlit subjects works by masking the darker regions and lightening only those regions while leaving the mid and highlit regions unaffected. The mask is usually feathered and some means of reducing a halo effect is also provided. It is by no means the same thing as reducing contrast on the complete frame.