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"In my view, they're the top-ranked firm in Canada for complicated securities transactions," says one client of 30 years. "Not only do they have good leaders, but the leaders have a good team behind them." Rivals describe Davies Ward as "a boutique firm" primarily concentrated in M&A.

The legal community was shocked by the departure of former partner Mitchell Finkelstein, who resigned in 2010 after accusations of insider trading. Finkelstein had handled some of the firm's biggest cases and was described by one competitor as its "top IPO guy".

Despite this setback Davies reports impressive activity over the last 12 months. The firm acted as Canadian counsel for Barrick Gold, the world's largest gold producer, and its subsidiary Barrick North America Finance, in connection with an offering of $4 billion in debt securities, announced in May 2011. In another large, high-profile deal, the firm served as lead counsel in both the US and Canada for Xplornet Communications, in connection with the private offering of $230 million of securities, one of the largest Canadian financing telecom projects to be announced in 2011.

The Davies Ward team led by Carol Pennycook maintains a good mix of both bank and company side mandates.

In the former category, highlights included acting for the Canadian Imperial Bank of Commerce in regard to a $300 million credit facility provided to HudBay Minerals and Hudson Bay Mining and Smelting.

On the company side, one of the largest mandates was a $1.85 billion refinancing in which the team acted for the Onex Corporation. The deal also required advice on a $150 million loan for Onex subsidiary Carestream Health. Clestica also called in the team to advise it on a $450 million loan and revolving credit facility agreement with its lenders.

Leading lawyers_

Scott Hyman_

Carol Pennycook_

Jay Swartz

Davies Ward Phillips & Vineberg's M&A practice was hit this year by the early 2011 departure of M&A partner William Gula, who left the practice to become managing director at investment boutique Morrison Park Advisors.

The firm was especially busy with clients in the mining sector over the past year, including work for Chinese state-owned mining company Minmetals Resources in its attempted $6.5 billion hostile takeover bid for the Canadian copper mining company Equinox Minerals. The deal fell through in June 2011, when Barrick Gold made a friendly bid of $7.6 billion. In February 2011, Davies acted for Fronteer Gold in connection with its $2.3 billion acquisition by Newmont Mining. The deal provides for spin-off shares of a new company holding exploration assets to Fronteer Gold shareholders.

Davies also acted for Shaw Communications in its C$2 billion ($2.1 billion) acquisition of all of the broadcasting assets of Canwest Global Communications. The deal was approved by the Canadian Radio-television and Telecommunications Commission in October 2010.

Davies Ward Phillips & Vineberg has participated in some of Canada's most complex financings in recent years, including the "fixed link" toll bridge to Prince Edward Island, the first privately-financed toll road in Canada. Other notable work includes the first public financing of airport revenue bonds.

The practice earns praise from competitors, with one calling it "a strong team". Partners Carol Pennycook and Gregory Southam are singled out for praise by one client, who describes them as "extremely bright, very knowledgeable, but also very commercial". He adds: "Davies is the best firm in Canada in this space. In addition to lawyers having a deep grasp of how to structure transactions, they are able to make the structures practical and meaningful in their implementation."

In 2010 the firm acted for The Manufacturers Life Insurance Company on the project financing of $87.5 million in credit facilities for the construction of two hydroelectric projects in the Bear Creek region of British Columbia. It also represented Manufacturers Life in connection with financing for the Mont Louis Wind Farm project in the Gaspésie region of Québec.

Davies also acted for Plenary Properties in the past year, which was awarded a contract by Defence Construction Canada to design, build, finance and maintain a new headquarters for Communication Security Establishment Canada (CSEC), Canada's foreign intelligence and national cryptologic agency. Spanning over 72,000 square metres and scheduled for completion in 2015, the top-secret, state-of-the art facility will become the new home of Canada's national cryptologic agency.

Led by partner Jay Swartz, Davies Ward Phillips & Vineberg's financial restructuring and insolvency attorneys have expertise in US and UK insolvency laws and work with firms in other countries on multi-national proceedings.

The firm acted for Postmedia Network in the acquisition of the publishing business of Canwest during a sale conducted under the Companies' Creditors Arrangement Act (CCAA). Assets included the largest publisher of English-language newspapers in Canada, as well as a digital media portfolio and online assets. The value of the assets was estimated to be $1.1 billion. The firm also acted in the CCAA proceedings for an Ad Hoc Committee of Noteholders, comprising 18 investment funds, which held the majority of Canwest debt and which provided a $250 million equity commitment to fund the acquisition.

Davies is also acting as Canadian Counsel for Nortel, which is in administration along with its 18 subsidiaries in Europe, the Middle East and Africa. The global restructuring is under the control of joint administrators appointed by the UK Court. The case is a multinational affair involving insolvency proceedings in the UK, Canada, the US, Israel and France.