Blake Cassels & Graydon
One of the historical Seven Sisters, Blake Cassels & Graydon was founded in 1856. Since then, the full-service firm has grown to five Canadian locations: Toronto, Calgary, Vancouver, Montréal and Ottawa. It has also added two international locations in New York and London.
The firm is a powerhouse across the board in the corporate and project development practice areas.
Its financial services practice area advises clients on regulatory and transactional matters. On the transactional banking end, the firm represents borrowers and lenders with refinancing, credit facilities and acquisition financing.
The team is also a leader in project financing transactions, where it also represents both borrowers and lenders. In financial regulatory services, the firm
largely represents financial and insurance institutions.
The capital markets team advises issuers and underwriters on a variety of equity, debt and structured finance and derivatives matters ranging from bond issuances to public offerings to securitisations.
The M&A team works with strategic acquirers, sellers and private equity firms on acquisitions and corporate reorganizations.
The restructuring and insolvency team acts on all sides of CCAA, BIA and other out of court restructuring proceedings. This includes debtors, lenders, monitors, receivers and trustees. It also acts in restructuring and insolvency related stalking horse bids and acquisitions.
The firm has strong relationships with many multinational companies including Kinder Morgan, Hudson’s Bay Company, BHP and Glencore It also has
numerous financial institutions as key clients, including
Bank of Montreal, Scotiabank, Ontario Teachers’ Pension Plan Board and
Royal Bank of Canada.
Research period review: 33rd edition (2022/2023)
During the research period, the banking team represented mostly lenders in corporate, real estate and acquisition financings, as well as refinancings. The team also worked on numerous project financings,
largely within the renewable energy industry, namely wind and solar, but also within traditional energy. The financial services regulatory team continued to act for clients in the financial services industry on bank acquisitions, payments, acquisitions, AML and financings.
In capital markets, the team worked on debt and equity transactions, acting
largely for issuers. In debt capital markets, work included investment grade, green and high yield bond offerings. On the equity capital markets side, the team worked on private placements,
IPOs and at-the-market offerings.
The M&A team acted for acquirers, sellers and targets in high value acquisitions, mergers and carveouts across
numerous industries in both strategic and private equity acquisitions.
In project development, the team acted for developers in projects within the infrastructure and energy industries. Infrastructure projects include transportation such as railways and social infrastructure such as hospitals.
The restructuring and insolvency team represented monitors, debtors and creditors in CCAA proceedings, as well as out of court restructurings.
Regarding team composition changes in the period,
partner Donald Gray retired.
Deal highlights: 33rd edition (2022/2023)
GIC and Dream Industrial REIT
$6 billion acquisition financing
Pembina Pipeline/KKR C$12 billion joint venture
Royal Bank of Canada’s C$13 billion acquisition of HSBC Bank Canada
Fasken
Fasken Martineau DuMoulin is a full-service firm created after several large mergers. Since the founding of its earliest predecessor in 1863, the current iteration of Fasken has grown internationally to 10 offices in four countries. In Canada, the firm has offices in Calgary, Montréal, Ottawa, Québec City, Surrey, Toronto and Vancouver. Its international offices include branches in Beijing, Johannesburg and London.
The firm’s banking and finance practice area is a lender heavy practice. The team works on acquisition financing, investment funding and credit facilities.
The capital markets team advises issuers and underwriters on debt, equity and structured finance matters. Transactions related to debt capital markets include debentures issuances and bond
issuances. Equity capital markets related work including share offers, IPOs and bought deal offerings.
The financial services team
represents financial institutions on regulatory and compliance matters.
The M&A team
advises clients of all types, ranging from strategic buyers and sellers to private equity firms.
In project development, the team advises clients in finance and construction aspects of infrastructure, oil and gas and mining projects. The team works on many P3 projects.
The restructuring and insolvency practice area
advises clients of all types, from debtors to
monitors to lenders.
Mining, infrastructure, life sciences and financial services are big industries for Fasken across all practice areas.
Key clients include BNP Paribas, CGX Energy, Zijin Mining Group, Goldman Sachs, Royal Bank of Canada, ING Capital Deloitte Restructuring, Ontario Ministry of Energy, PwC and
Voyager Digital.
Research period review: 33rd edition (2022/2023)
Over the research period, the banking team represented lenders in project, acquisition and corporate financings. The financial services regulatory team acted for clients on fintech, compliance and regulatory matters.
In capital markets, the team worked on both debt and equity transactions, acting for both issuers and underwriters. Debt capital markets transactions include investment grade,
PIPE and high yield bond offerings. Equity capital markets transactions include IPOs, bought deal offerings and common share offerings.
The M&A team worked for buyers, targets and sellers in private and public acquisitions across a wide variety of industries. The team also worked on other corporate matters including mergers, joint ventures and strategic investments.
In project development, the team largely represented developers in projects within the infrastructure industry, with a large number of projects in the transportation and social infrastructure spaces.
On the restructuring and insolvency team, the team represented receivers, monitors, debtors and creditors in CCAA and BIA proceedings, as well as out of court restructurings.
Regarding lateral moves,
restructuring partners Robyn
Gurofsky and Jessica Cameron joined from Borden Ladner Gervais while Travis
Lysak
departed the firm.
Partner Claire
Gowdy joined the capital markets practice from
McCarthy
Tetrault.
Deal highlights: 33rd edition (2022/2023)
Nalcor Energy’s Muskrat Falls C$1 billion project financing
TELEUS International C$2.5 billion acquisition financing
Voyager Digital insolvency
Client feedback: 33rd edition (2022/2023)
“Very collaborative and quick to respond compared to other legal firms we have dealt with. The team is very knowledgeable and they worked extremely well with the other law firms involved in this transaction and took the initiative to take the pressure
off of us when it came to collaborating with the other firms.”
“Fasken provides sound legal advice and offered creative and thoughtful solutions when issues arose during the transaction.”
“This was a new area for us. They were fabulous to work with. Exceptionally knowledgeable and pragmatic.”
“Available, professional,
competent and expert. They have a business approach, knowledge of the market, and respect of the client and internal lawyers.”
“Practical advice, proactive and helpful. Fasken always makes recommendations on suggested courses of action and why, and offers considerations around the choices we are faced with.”
“Provide a high level of service/advice and are attentive to the timelines involved in an M&A transaction.”
“Deep knowledge of the sector and overall Canadian banking environment.”
“They understand our perspective (as a lender) on issues and
provide credible solutions that reach for a lender/borrower 'win/win'.”
“One of the most responsive,
commercial and effective counsels I have ever used in my career. Ability to
execute on tight deadlines with efficient conversations between both borrowers and lenders.”
“Exceptional and prompt, sound advice with a strength in protecting the bank's interest, but a very strong knowledge of what are market terms and how far they can stretch.”
“Leader in lender-side mandates - industry leaders of the lender-driven changes in the market. Leader in complex cross-border/multi-jurisdiction mandates as lead counsel.
Strong team of partners and associate talent in offices across Canada. The banking team
provides exceptional, prompt and commercially sound advice. It is a trusted partner that can be relied on. Pragmatic and thoughtful advisers.”
“The firm is a pleasure to work with. The quality of advice and adherence to timelines are excellent.”
“Very responsive, business mindset, finds solutions.”
“Mainly deal with Neil Kravitz for capital markets. Concise advice, no fluff work. Very efficient.”
Financial services regulatory
“Provide business-friendly, expert advice on regulatory matters. They are always available and very knowledgeable and helpful on difficult matters.”
“They have a global network of
consultants,
lawyers across North America to help locally at all our branches across the region... They are strategy orientated. Strong negotiation skills to resolve the most complicated issues.”
“They have a full function team with grade A expertise.”
“Attention to detail, excellent response time, diligent work and professional.”
“Excellent domain knowledge, negotiation skills and sense of urgency.”
“Excellent and efficient legal services were provided in the private transaction.”
“The M&A team at Fasken, particularly Bradley Freelan and Brian Graves, provide excellent advice, are always available and work well under pressure.”
“Highly experienced team and trustworthy legal advice.”
“Engaged and accountable, always available.”
“Successful transaction. Well negotiated; well-managed process; thorough and effective.”
“Kareen Zimmer, Enoch Chang, and Will Shaw are knowledgeable, responsive, professional and business-orientated.”
“Extremely responsive and
organised, top-notch analysis and client service.”
“Fasken has consistently
provided unwavering support on all structures and matters, regardless of complexity or workload. Their lawyers have a deep understanding of intricate issues, drawing on their vast expertise to
provide invaluable guidance. Fasken's willingness to
leverage the knowledge and insights of their subject-matter experts sets them apart.
This approach provides greater depth of analysis, as well as creative solutions and alternative options. The involvement of these experts is often included in the fee proposal, allowing for more informed decisions while staying on budget. We highly value our partnership with Fasken and highly recommend them for outstanding corporate legal support.”
“Prompt response and easy, comprehensive answers in a timely matter.”
“Fasken did excellent work on
advising the
Expert advice, common-sense approach and willingness to look beyond legal points to the business issue at hand. Strategic advice and counsel.
company (its senior management and board of directors) during the strategic process. They were always
very knowledgeable and knew how to protect the best interests of the company.”
“Expert advice, common-sense
approach and willingness to look beyond legal points to the business issue at hand. Strategic advice and counsel.”
“They are
professional and they are used to doing business on compliance and various stock exchanges.”
“Fasken is
very good at client management and communication with clients.”
Restructuring and insolvency
“They provide common-sense solutions, technical advice, support as a court officer, excellent communication skills, strong business judgement and sound advice.”
“Resourceful, pragmatic and timely.”
“Very diligent and professional, accommodating and always willing to assist.”
"Very responsive, extremely knowledgeable, practical thinking.”
“They knew insolvency law
really well, kept the process moving, and kept the board and management up to date on the overall process.”
“Communications and client management is done extraordinarily well.”
“He understands what we want and is efficient.”
“Always available, understands our business very well, communicates clearly, finds solutions.”
“He is very thorough and has the best interest of the company at heart. He is a pleasure to work with and brings a very positive attitude. He is extremely trustworthy and
very knowledgeable on securities law. He was always available and very responsive during challenging times.”
“Michel has consistently proved to be a reliable and effective resource for our private equity fund, and we have greatly appreciated his valuable insights and
expertise. He has become an invaluable extension to our team and has helped us navigate even the most complex and stressful legal matters with ease. We highly recommend Michel and look forward to continuing our successful partnership with him.”
“Technically strong,
provides professional and practical advice, strong business sense, excellent problem solver.”
“Resourceful, pragmatic and responsive.”
“Very responsive, practical thinking, and well respected in restructuring community.”
“Enoch is knowledgeable, responsive, business-oriented, and great to work with.”
“Responsive, articulate, resourceful and pragmatic”
“Dylan ran the entire insolvency process and was
very knowledgeable. He was also very thorough and communicated well with the board and management.”
“Practical advice, always proactive and helpful. Dave always makes recommendations on suggested courses of action and why we should pursue them, and offers considerations of the choices we are faced with (ie, pros and cons of certain courses of action). Dave is very knowledgeable about our client and their credit agreement, and
overall an extremely helpful resource to our team.”
“Bradley is a technically gifted lawyer, with an ability to quickly interpret and provide practical advice on complex legal issues. Consistently throughout our transaction, Bradley showed a deep understanding of the commercial drivers of the deal, while being client-conscious in navigating sensitive challenges.”
“Friendly, accommodating, proficient, and
provides sound legal advice.”
“Superb level of advice, depth of knowledge,
very easy to work with and always
timely responses.”
“Client communication and attentiveness; practical approach to matters; knowledge of the Canadian M&A space.”
“Deep knowledge of the banking market and ability to problem solve.”
“Strong knowledge of the market, really responsive and ability to think outside the box.”
“Extremely professional.
He's less on the banking side and more on corporate governance law and has always been able to help us or find us the resources to help us. I've called him while on vacation and he answered my call and answered my questions
immediately.”
“Strong partnership mindset. Highly valuable and strategic partner for our clients. Solid experience means we have the utmost trust in his legal advice and recommendations.”
“Dedicated and responsive.”
“Very knowledgeable,
provides tailored concise advice. No bluster.”
“Dealt with our case efficiently.”
“Very experienced with complicated cross-border transactions. Always available. Gives practical advice. Good negotiator.”
“Broad knowledge across corporate and securities law. Personable. Excellent negotiation and mediation skills.”
“Strategic partner and adviser. Trusted. Common-sense approach to issues. Separates business and legal issues. Accurate and pertinent advice.”
“Listens well and has a deep knowledge of mining law.”
“Extremely effective,
knowledgeable and dedicated.”
“Friendly, good problem solver, always willing to help, and gives sound legal advice.”
“Provides thoughtful advice and creative solutions. She is an excellent communicator and is able to explain simply any complex legal issues.”
“Exceptionally smart. She is also such a pleasure to work with. We absolutely know we can count on Angela and her team.”
“Extremely well versed in financing law and contract review.
He's always reachable and able to help. If he
doesn't know a topic,
he's able to find the resource needed to get to a solution.”
“Responsive, problem solver and great follow-up.”
“Timely answers, very comprehensive explanation.”
“Caitlin is an excellent attorney with razor-sharp instincts, top of the line customer service, a practical approach to meet client needs, and all with her genuine personality.”
“Very easy-going and excellent client relationship skills.
She's a bull in a
china shop, but
that's a good thing!”
“One of the most responsive and effective counsels I have worked with. Works to all deadlines without any issue. Always moves towards resolutions and comes to the banks with answers and not questions.”
“Dev Singh is one of the most dynamic and talented banking lawyers on Bay Street. He has deep expertise in private equity and
mezz financing across industries. He is practical and pragmatic. Very responsive and a very trusted adviser to our business.”
“Will is knowledgeable, responsive, business-oriented, and great to work with.”
“He explained the process very thoroughly and helped facilitate the Fasken team.”
“Excellent client relationship attributes. Problem solver. Efficient work.”
“Kareen is thorough,
hard-working and effective. Overall, she did
a great job.”
“Kareen is knowledgeable, responsive, thorough, an expert, business-orientated, and great to work with.”
“Kareen is
very knowledgeable on insurance regulatory work and knows our business and our risk profile. She is helpful and enjoyable to work with.”
McMillan
McMillan is a highly regarded business law firm. It has five Canadian locations: Toronto, Ottawa, Montréal, Calgary and Vancouver. It also has an international presence with an office in Hong Kong.
Though the firm has plentiful experience across corporate and project practice areas, it is best known for its work in the transactional and regulatory banking and financial practice areas. The banking team acts for borrowers and lenders in DIP financing, refinancing, acquisition financing, construction financing and general corporate financing. The team also has experience in debt capital markets,
representing issuers in bond issuances.
Key clients for the firm include JP Morgan,
Royal Bank of Canada, Wells Fargo Capital Finance, Ally Bank,
Bank of Nova Scotia, National Bank of Canada, Canadian Payments Association, Wesco Distribution and CCL Industries.
Research period review: 33rd edition (2022/2023)
Over the research period, the banking team advised both borrowers and lenders on revolving credit facilities, sustainability linked loans, acquisition financings and infrastructure
investments.
With regard to lawyer moves, partner Steve Lutz joined the firm from Bennett Jones while partner Gerald
Badali retired.
Deal highlights: 33rd edition (2022/2023)
Canada Infrastructure Bank C$130 million green real estate investment
Ontario Line Subway
C$6 billion project
Client feedback: 33rd edition (2022/2023)
“Professional on drafting and revising on credit agreements and other legal documents.
Provided valuable advice to protect the bank's interest while fulfilling the client's requests.”
“Excellent team approach and coverage across Canadian
jurisdictions, very responsive and clear on timing expectations and deep
expertise in ABL financing that allows them to
provide context on borrower asks and what they have seen elsewhere in the market.”
“Professional on drafting and revising the credit agreement and other legal documents. Provided valuable advice to protect the bank's interest while fulfilling the borrower's requests.”
Sangra Moller
Sangra Moller, based in Vancouver, is a Canadian corporate and securities law firm representing local, national and international clients.
The firm is known for its capital markets and corporate work. Its core practice areas include corporate finance, securities, mergers and acquisitions, strategic investments, takeovers and takeover defense, corporate
and commercial and natural resources across forestry and mining industries.
Key clients of the firm include Mercer International, Conifex Timber,
Uranium Royalty Corp and Gold Royalty.
Research period review:
33rd edition (2022/2023)
During the research cycle, the firm was active in
capital markets,
M&A
and project development.
In capital markets, the firm kept busy with domestic and overseas
at-the-market offerings.
In M&A, the team was active in cross-border mergers and acquisitions, primarily
representing acquirers in the energy and mining industries.
Deal highlights:
33rd edition (2022/2023)
Gold Royalty C$100 million hostile take-over offer
Mercer International $270 million acquisition of Holziundustrie
Torgau
Client feedback: 33rd edition (2022/2023)
“They
provide good advice not just on the legal aspect but also from a commercial standpoint. They are on top of everything and keep following up with the seller and its counsel to ensure closing is on time.”
“Always accessible. Practical approach to solving challenges. Very responsive. Proactive – Identified key risk areas.
“Always accessible. Proactive. Good risk management. Creative problem solving. Always delivered on deadlines –
timely.”
“Detail-oriented and always acts in the best interests of his client.”
“Rod
Talaifar is my go-to on every aspect of my business.
He’s indispensable.”
“Exceptional
expertise and service from our partner Rod
Talaifar.”
“Practical, always
available and highly effective.”
“Responsive, professional and extraordinarily competent.”
“Very hard-working, diligent,
knowledgeable and always goes
above and beyond expectations.”
“Seemingly tireless – always available. Proactive. Excellent risk management. Creative problem solver. Calm and reassuring style.”
Stikeman Elliott
Founded in 1952, Stikeman Elliott has grown into an international powerhouse, best known for their work in capital markets. The firm has five Canadian offices in Montréal, Toronto, Ottawa, Calgary and Vancouver, as well as three international offices in New York, London and Sydney.
The firm is best known for its work in capital markets and M&A, but also have standout banking and project development practices.
The banking and finance team
represents borrowers and lenders in cross border and domestic financings, credit facilities, DIP loans, refinancing and project financing.
The financial services regulatory team works on regulatory and compliance issues stemming from
largely M&A transactions and bail-in regimes.
The capital markets team works across debt, equity and structured finance transactions, representing both issuers and underwriters. The equity team is particularly experienced in IPO’s, secondary offerings and public offerings, while the debt team is very experienced with debentures and bond issuances. The team also has experience with investment fund formations.
The M&A team has
expertise spanning all client types, from strategic buyers to sellers to private equity firms.
The project development team
represents lenders and bidders in projects mostly relating to infrastructure and energy. It also deals with many P3 projects.
The restructuring and insolvency team also has experience working with all client types, including debtors, monitors, trustees and lenders.
Key clients for the firm include Bank of Canada,
Lightspeed POS, UBS, BNP Paribas, Canada Pension Plan Investment Board, Air Canada, Sacyr Infrastructure, Deloitte and Deutsche Bank.
Research period review: 33rd edition (2022/2023)
Over the research period, the banking team advised borrowers and lenders on corporate and acquisition financings. More specifically, in financial services regulatory, the team acted for clients in the financial services industry on regulatory and compliance matters related to acquisitions. It also advised clients on
fund formation,
online payments, insurance and other regulatory matters.
The capital markets team worked on matters on both the debt and equity side, representing issuers and underwriters alike. Debt capital markets work includes investment grade, sustainability and high yield bond issuances. On the equity capital markets side, the team worked
on common share offerings, repurchases, secondary offerings and IPOs.
In the M&A practice area, the team acted for private equity and strategic acquirers in acquisitions across numerous industries. It also represented investors in strategic and private equity investments and joint ventures.
The project development team represented developers and lenders in the development and financing of projects in the energy and infrastructure industries.
In restructuring and insolvency, the team acted for debtors, creditors and monitors in CCAA proceedings and out of court proceedings.
Regarding team composition changes, partners Scott Perin,
Erik Richer La Fleche,
Philip Henderson and
Noordin
Nanji retired.
M&A
partner Adam
Dlin
joined from
Morgan Daniels
Slager.
Deal highlights: 33rd edition (2022/2023)
Canderel Real Estate Property C$5.7 billion acquisition of Cominar REIT
GFL Environmental C$1.1 billion spin-off financing
Shopify
$1.5 billion Class A stock offering
Thornton Grout Finnigan
Thornton Grout Finnigan, or TGF, is a boutique firm specialising in restructuring and insolvency. The firm is headquartered in Toronto, but frequently works with clients outside of Canada.
As a boutique restructuring and insolvency firm, TGF advises clients on all sides of insolvency proceedings including debtors, monitors, creditors, lenders and receivers. It
frequently works on Canada’s largest restructuring and insolvency matters.
Key clients for the firm include AgMedica Bioscience, Ernst & Young, HSBC, Royal Bank of Canada, JTI Macdonald,
Ontario Securities Commission,
Laurentian
University and the Province of British Columbia.
Research period review: 33rd edition (2022/2023)
Throughout the research period, the team
advised debtors, receivers and creditors in CCAA proceedings as well as out of court restructurings. Proceedings were held across a wide variety of industries and involved cross border matters.
Deal highlights:
33rd edition (2022/2023)
Laurentian University of Sudbury CCAA
Purdue Pharma CCAA and Chapter 11
Torys
Founded in 1941, Torys has expanded its international reach to five offices, four of which are in Canada. The firm has locations in Toronto, Calgary, Montréal, Halifax and New York. The firm is highly regarded among all practice areas but is perhaps best known for its work in M&A and project development.
The firm has standout finance, corporate and projects practice areas.
The banking team
represents both borrowers and lenders across many types of banking and financing matters including credit facilities, acquisition financing, debt refinancing and project financing.
The firm also works on financial regulatory matters related to the finance and corporate practice areas.
The capital markets team works for issuers and underwriters in debt, equity and securitization transactions.
The M&A team works across all industries
representing strategic buyers, sellers and private equity firms in acquisitions, joint ventures and mergers.
The projects team has experience in all industries, especially energy and infrastructure. It
advises all client types related to projects and does a lot of work with PPP’s.
The firm also works on restructuring and insolvency issues,
representing clients on all sides of proceedings.
Key clients for the firm include Ernst & Young, Fairfax Financial, Deutsche Bank, Scotia Capital, Government of the Northwest Territories, Wataynikaneyap Power Partnership, Onex, Enbridge, Bank of Nova Scotia, Great-West Lifeco, Sundial Growers, CIBC World Markets, TD Bank and Peloton Capital Management.
Research period review: 33rd edition (2022/2023)
Over the research period, the banking team acted for borrowers and lenders in acquisition, distressed, project, investment fund and corporate financing, as well as refinancings. In project financing, the team
largely advised clients in financing
both infrastructure and energy projects. The financial services regulatory team advised clients in the financial services sector in compliance and regulatory matters related to acquisitions and spinoffs. It also advised clients on matters involving insurance, digital
banking and Bill C-86
matters..
In capital markets, the team advised issuers and underwriters in the issuance of LRCNs, investment grade and green bond issuances on the debt capital markets side. The team also represented clients on all sides of equity capital markets matters including share offers, secondary offerings, IPOs and at-the-market offerings.
The M&A team advised buyers and sellers equally in high profile acquisitions across numerous industries. It also advised on other corporate matters including mergers,
spinoffs and joint ventures.
In project development, the team
largely represented public authorities and lenders in P3 projects in the infrastructure industry, with a large focus on social infrastructure,
transportation and energy.
On the restructuring and insolvency team, it acted for creditors,
debtors and receivers in CCAA proceedings and out of court restructurings. It also assisted in acquisitions related to distressed and insolvent assets.
In terms of lateral moves, the M&A team lost partner Cornell Wright, who moved in-house.
Deal highlights: 33rd edition (2022/2023)
Brookfield Asset Management company division
Ontario Power Generation C$1 billion SMR nuclear power project financing
Rogers Control Trust’s C$26 billion acquisition of Shaw Communications
Scotiabank's C$1.75 billion public offering
Telesat C$1.5 billion Low Earth Orbit Satellite constellation project financing
Client feedback: 33rd edition (2022/2023)
“Deep knowledge of the cross-border issues and ability to problem solve.”
“Excellent coaching (new experience for us). Clear identification of big issues. Gave attention to detail, so that we didn't have to.”
“High level of expertise and service.”
Financial services regulatory
“Exceptional knowledge and expertise in the sector, highly responsive and strong practical business sense.”
“They are a market leader in providing practical advice on investor-side negotiations with fund sponsors.”
“Torys works well as a team; they are highly skilled lawyers who bring a business mindset to their work. They work collaboratively and are highly effective.”
“Torys has a deep knowledge of our business and deep
expertise of the sector in which we
operate. They
provide full-service advice and are a part of our team on transactions. They build deep relationships with their clients, building trust and confidence that other firms generally do not do.”
“Very detailed. Informed about latest trends in the market.”
“They understand our business such that they don't just provide legal advice, they provide legal advice that suits our commercial objectives.”
“Torys are responsive and practical. They are bright and technical yet humble. They listen to our needs and respond accordingly. We view them as partners.”
“They
assisted us with managing the sale process: legal advice and document preparation for all closing documents, managed closing process, carried out all tax and regulatory analysis and process.”
“High-quality service. Knowledgeable.”
“Very responsive personnel and always able to find simple and constructive solutions to complex projects.”
Restructuring and insolvency
“High degree of
expertise, experience and knowledgeable. Always available, quick turnaround with solid advice.”
“Incredibly client-friendly and
provides easily digestible advice. Deep
expertise in the antitrust space and has a large network that he taps.”
“Tremendous depth of knowledge and experience. Great client service.”
“Very knowledgeable. He covers the whole spectrum.”
“Responsive, informed...great institutional knowledge.”
“Very experienced – he has seen and done it all. Responsive. Very bright and technical, yet humble. I trust him implicitly.”
“Attention to detail, commercial and business acumen. Work ethic and ability to deliver high-quality work on time.”
“Deep knowledge of sponsor transactions and cross-border implications. Ability to problem solve.”
“Practical and reasoned approach. In-depth knowledge of market terms.”
“Kyle is a top restructuring lawyer in Calgary. He provides quick turnaround with expert advice and has a broad network across Canada.”
“Expert. Easy to work with. Timeliness of service.”
“Expert technical advice and guidance with a common-sense and practical business approach. Readily available and responsive. Goes the extra mile for her clients.”
“Attitude. Effort.
Expertise.”
“Linda is extremely sharp. She is also client-friendly and
provides risk-adjusted advice in an easily adjustable way.”
“Strong legal technical skills. Excellent relationship manager. Manages her internal team well. Good practical advice.”
“Excellent problem solver/asks the right questions to get to the heart of the issue. Sound legal and negotiation advice. We enjoy working with Richard (stable and calm personality).”
Aird & Berlis
Founded in 1919, Aird & Berlis is a corporate law firm with headquarters in Toronto. It has a team of more than 190 lawyers working across various corporate law practice areas.
Focusses / specialisms
The firm is experienced in banking and finance, project development and restructuring and insolvency.
In banking and finance it is experienced in advising mostly banks and also borrowers on direct financing facilities.
In project development it advises contractors on development and procurement projects in industries such as transport, utilities and social infrastructure.
In restructuring and insolvency it advises creditors, trustees and receivers as well as insolvent entities on insolvency proceedings and restructuring.
Key clients
Among the clients of the firm are Waygar Capital,KSV Restructuring, RCM Capital Management, Crown Capital Partnersand Crown Capital Private Credit Fund, The Walt Disney Company, First Capital Realtyand First Capital Holdings, City of Edmonton, The Government of Nova Scotia,Humber River Hospital,Metrolinx, Cortel Group and Innisfil Land Holdings.
Bennett Jones
Founded in 1922, Bennett Jones is a full-service corporate law firm with headquarters in Calgary. It also has offices in Edmonton, Ottawa, Toronto, Vancouver and New York where 400 lawyers and business advisers practice a broad range of corporate law practice areas.
Focusses / specialisms
The firm is experienced in banking and finance, capital markets, corporate and M&A and project development.
In banking and finance it advises borrowers on direct financing, acquisition financing and refinancing.
In capital markets it advises issuers and agents on bond, green bond and note issues.
In corporate and M&A it advises mostly acquirers on acquisitions and mergers in various industries, including transport and infrastructure.
In project development it advises project developers and contractors on projects’ development and procurement. It supports clients in various industries. It has a prolific record in energy and the real estate sector, and it is also active in the social infrastructure sector.
Key clients
Among the clients of the firm areCanadian Pacific Railway, Secure Energy Services, Gibson Energy, Osisko Green Acquisition, Gateway Casinos and Entertainment, Royal Bank of Canada, Cresco Labs, North West Redwater Partnership, Ares Capital Management, Golub Capital, CapVest Partners, Cervus Equipment, Waterton Global Resource Management, Canada Oil Sands, Kissner Group, Premier Gold Mines,Brookfield Property, Craft Development, ATCO Energy Solutionsand Cedar LNG.
Borden Ladner Gervais
Full-service firm Borden Ladner Gervais, or BLG for short, is nationally recognized across the country for its work in the financial and corporate practice areas. It is best known for its work in the regulatory financial services and project development and finance practice areas. The firm has five offices throughout the country, in Calgary, Montréal, Ottawa, Toronto and Vancouver. Toronto serves as the firm’s largest office.
Focusses/specialisms
In addition to its highly regarded work in regulatory financial services and project development, the firm also does excellent work in banking, capital markets and restructuring and insolvency.
The banking team acts on the borrower and lender side in acquisition finance, refinancing, project finance, ABL and general working capital finance matters. The project finance practice is very prevalent in the power industry. In regulatory financial services, the team represents bank and non-bank financial institutions in regulatory aspects related to acquisitions and capital markets issuances. It also advises on fintech and online payments matters.
The capital markets practice has experience on the debt and equity side, advising issuers and underwriters. In debt capital markets, the team has experience in green bond, investment grade bond and debenture issuances. On the equity side, the team works on secondary offerings, common share offerings, preferred stock offerings, bought deal offerings and subscription receipt offerings. The capital markets team also works on securitization related transactions such as mortgage-backed securities.
In M&A, the team acts on both the buy and sell side in public and private acquisitions across numerous industries including, but not limited to forestry, technology, real estate and banking and financial services. It often works with private equity companies on acquisitions.
The restructuring and insolvency team represents debtors, monitors, receivers and creditors in CCAA proceedings, distressed M&A, and cross border bankruptcy proceedings, especially in the United States.
Key clients
Key clients for the firm include RFA Capital, Bank of Nova Scotia, HSBC, Hydro Ottawa, RBC, Aritzia, Northland Power, Allianz X, Capital Power, Desjardin Capital Markets, Ascent Industries, Energold Drilling, PwC, Deloitte and Orphan Well Association.
Cassels Brock & Blackwell
Founded in 1888, business law firm
Cassels has expanded to three offices across Canada, in Toronto, Vancouver and Calgary. Toronto serves as the firm’s headquarters. It is known for its work across the financial and corporate practice areas.
Focusses/specialisms
Cassels is particularly known for its strength in the mining and cannabis industries.
In the banking and finance practice area, the firm acts on the lender and borrower side in DIP financing, acquisition financing, refinancing, project financing and general working capital financing. In project financing, the team is especially active in projects in the mining industry. The banking team also represents clients in the banking and financial services industry, as well as public institutions on financial services regulatory matters related to financial legislation and fintech issues.
The capital markets practice has experience on the debt and equity side of the market. It represents issuers and underwriters in investment grade and high yield bond issuances as well as bought deals and IPOs. The capital markets team works on asset-based securities.
The M&A practice has experience on both the buy and sell side in strategic and private equity acquisitions, mergers and reverse takeovers.
In restructuring and insolvency, the team acts for debtors, creditors and monitors in CCAA insolvencies and restructurings.
Key clients
Key clients for the firm include VCP Capital Markets, Luxembourg Investment Company, Connacher Oil and Gas, PharmHouse, Stonebriar Commercial Finance, Yamana Gold, Hecla Mining, Continental Gold, New Gold, Canopy Rivers, Goldcorp, Kirkland Lake Gold, Canada Natural Resources, Tahoe Resources, BNP Paribas, Cerberus Business Finance, Business Development Bank of Canada, Payless Shoesource Canada and E&Y.
Davies Ward Phillips & Vineberg
One of the Seven Sisters, Davies Ward Phillips & Vineberg is best known for its top tier work in M&A in project development: infrastructure. It has two offices in Canada, in Toronto and Montréal, but has an international presence through its office in New York.
Focusses/specialisms
Though the firm excels in its M&A and infrastructure related project development practices, it also does outstanding work in banking and finance, capital markets and restructuring and insolvency.
In banking and finance, the firm acts on the borrower and lender side in acquisition finance, refinance, project finance and general working capital finance matters.
The capital markets practice has experience on both the debt and equity side. The team advises issuers and underwriters in high yield and investment grade bond offerings in the debt space, as well as IPOs, public offerings, bought deals and private placements on the equity side. The team also represents private equity firms in investment fund formations and fundraises.
In M&A, the team acts on the buy and sell side in private equity and strategic acquisitions, joint ventures and mergers across a wide array of industries.
The project development team has outstanding expertise in the infrastructure industry, but also does great work in the energy industry. The team represents developer consortiums and financial sponsors in bids and developments. Much of its work is cross border and the team often works on project based in the United States, as well as project acquisitions.
The restructuring and insolvency practice represents monitors, debtors and creditors in CCAA proceedings, out of court restructurings and US bankruptcy proceedings.
Key clients
Key clients for the firm include Barrick Gold, Northlead Capital Partners, Bank of Montreal, HSBC, National Bank of Canada, JP Morgan, Goldman Sachs, RBC, TransAlta, Fortis, Caisse de dépôt et placement du Québec, Rogers Communications,Blackstone, Ipsen, Hostess Brands, M&G Investment Management, Redwood Holdings, AirBoss of America, FTI Consulting Canada, Bentley Leathers, The Cadillac Fairview Corporation and Crystallex.
Dentons
One of the world’s largest law firms,
Dentons is truly a global law firm, with 193 locations across 77 countries. In Canada, the firm has six offices across the country, in Calgary, Edmonton, Montréal, Ottawa, Toronto and Vancouver.
Focusses/specialisms
Dentons in Canada is known for its work in the financial and corporate practice areas. The banking and finance team has 51 practicing lawyers who act on the borrower and lender side in refinancing, acquisition financing, ABL, real estate financing and general working capital financing.
Key clients
Key clients for the firm include Credit Suisse, LTC Properties, Bank of Nova Scotia and Mizrahi Commercial.
Fillmore Riley
Fillmore Riley’s history dates back to 1883 and has since grown to become one of Manitoba’s top tier corporate practices. The firm has one location in Winnipeg and is a member of TAGLaw.
Focusses/specialisms
The firm has developed industry expertise in agribusiness, life sciences, tourism, media, construction, entertainment, transportation, manufacturing and banking and financial institutions.
Fillmore Riley is known for its outstanding work in the financial and corporate practice areas, especially M&A. It works on strategic acquisitions and mergers, on the buy and sell side. The team also advises on related acquisition financing. It also acts for private equity firms in fund formations.
Key clients
Key clients for the firm include Cabot, Penner International Group of Companies and TransX.
Goodmans
Located in Toronto, Goodmans is one of the historical Seven Sisters and is widely regarded as one of the most prominent firms in Canada, especially in restructuring and insolvency.
Focusses / specialisms
The firm is best known for its restructuring and insolvency and M&A practice areas, but also has standout banking, capital markets and project development practice areas.
The banking and finance practice area has wide expertise in acquisition finance, venture capital financing, DIP financing and credit facilities, where they represent both borrowers and lenders.
The firm is also renowned for its REIT and SPAC expertise, which is most evident in the capital markets practice area. The capital markets team works on debt and equity matters such as IPO’s, public offerings, bought deal offerings, share buybacks and bond issuances. It represents both issuers and underwriters.
The M&A team advises strategic buyers, sellers and private equity firms in a wide variety of industries, especially REITs, healthcare and technology.
The project development team is well versed in the infrastructure and energy industries.
The top tier restructuring and insolvency team covers all sides of matters, representing everyone from debtors to creditors to monitors and trustees. The team also has experience with all industries.
Key clients
Key clients for the firm include Bank of America, Citizens Bank, TD Bank, BMO Capital Markets, CIBC World Markets, Minto Apartments REIT, Onex, Bank of Montreal, Newmont Mining, Ontario Ministry of Transportation, Fairfax Financial Holdings, FTI Consulting and Ernst & Young.
McCarthy Tétrault
McCarthy Tétrault is a leading Canadian firm across the banking, capital markets and project development practices. It has seven offices in total, with five being in Canada, in Calgary, Montréal, Québec City, Toronto and Vancouver. The firm also has an international presence through its offices in London and New York.
Focusses/specialisms
Aside from having top tier teams in banking, capital markets and project development, McCarthy Tétrault also does outstanding work in M&A and restructuring and insolvency.
The banking and finance practice advises lenders and borrowers in acquisition finance, project finance, DIP finance, refinancing and general corporate finance transactions. In regulatory financial services, the firm represents banking and financial institutions in regulatory issues stemming from capital markets issuances and acquisitions. It also supports institutions in new and existing legislative compliance, especially in the fintech industry.
The capital markets practice works on the debt and equity side, representing both issuers and underwriters. On the debt side, the firm has experience in issuing investment grade bonds, high yield bonds, maple bonds, covered bonds and green bonds. On the equity capital markets side, the team has experience with IPOs, bought deals and public offerings. The team also has experience with securitization and derivative transactions.
In M&A, the firm acts for strategic and private equity firms on both the buy and sell side of acquisitions, privatizations, joint ventures and mergers.
The project development team is active in the infrastructure, energy, construction and transportation industries. It represents financiers and developers and has a special expertise in P3 projects.
The restructuring and insolvency team acts for creditors, debtors, monitors and receivers in CCAA proceedings, out of court restructurings and cross border insolvency proceedings.
Key clients
Key clients for the firm include Department of Finance Canada, HSBC, Fédération des caisses Desjardins du Québec, ISDA, CIBC, Brookfield Infrastructure Partners, Ontario Infrastructure and Lands Corporation, GIC, CDPQ, Rhône Capital Partners, Cineworld, Metrolinx, ENGIE Services, Infrastructure Ontario, the City of Calgary, Bank of Montreal, Diaquem, Ernst & Young and PwC.
Norton Rose Fulbright Canada
Full service firm Norton Rose
is one of the largest firms in the world, spanning every continent in the world minus Antarctica. Globally, the firm has 50 offices. In Canada, the firm has offices across the country in Calgary, Montréal, Ottawa, Québec City, Toronto and Vancouver. It is best known for its work in capital markets, M&A and project finance.
Focusses/specialisms
Norton Rose’s Canadian practice is highly regarded for its work in capital markets, M&A and project finance, but also has strong banking, project development and restructuring and insolvency practices.
In banking, the team represents lenders and borrowers in acquisition finance, project finance, refinance and general corporate finance matters. The project finance practice has large experience in the mining, oil and gas, infrastructure, transportation and energy industries. It works on many P3 projects.
The capital markets team works in the debt and equity side, representing issuers and underwriters in investment grade and high yield bond issuances, as well as share repurchases, bought deals and IPOs. The team also has experience with securitizations such as mortgage-backed securities and with private equity firms in private equity and venture capital fund formations.
The M&A team represents buy side and sell side clients in strategic and private equity acquisitions, joint ventures, mergers and strategic alliances across a wide array of industries. It represents private equity firms in fund mergers and reorganizations.
In restructuring and insolvency, the firm acts for monitors, debtors, trustees, receivers and creditors in CCAA proceedings and out of court restructurings.
Key clients
Key clients for the firm include Canadian Mortgage and Housing Corporation, Telus, Brookfield Infrastructure Partners, RBC, Bombardier, Scotia Capital, SNC-Lavalin Group, Aquilini GameCo, HEXO, City of Ottawa, Société Générale, TD Bank, Bank of America, Bank of Montreal and Deloitte.
Client feedback: 32nd edition (2022/2023)
Project development: Mining
“They are responsive, knowledgeable and cost effective.”
Osler Hoskin & Harcourt
Founded in 1862, business firm
Osler, one of Canada’s Seven Sisters, is a leading law firm in the country. It is one of the leading firms in capital markets, M&A, project finance and restructuring and insolvency. It has five offices throughout Canada, in Toronto, Montréal, Calgary, Ottawa and Vancouver. The firm also has an international presence through its office in New York.
Focusses/specialisms
In addition to its top tier work in capital markets, M&A, project finance and restructuring and insolvency, the firm also has outstanding banking, regulatory financial services and project development.
The banking practice acts for borrowers and lenders in acquisition finance, project finance, refinance and general corporate finance transactions. Project finance matters take place largely in the energy, infrastructure and mining industries, in addition to a lot of P3 related matters. In regulatory financial services, the team represents banks and financial institutions in compliance related to acquisitions and capital markets offerings, as well as general day-to-day compliance and cryptocurrency.
The capital markets team advises both underwriters and issuers in the debt, equity and securitization spaces. It has expertise in investment grade bonds, maple bonds, IPOs, secondary offerings, public offerings, bought deals, mortgage backed securities, ABS and RMBS placements. The team also has a dedicated derivatives practice.
The M&A practice acts in high value strategic and private equity acquisitions on the buy and sell side. The firm does so much work in private equity that it has its own dedicated private equity group.
The project development and finance practices are very active in the energy, transportation infrastructure, social infrastructure and mining industries. It also is very active in P3 projects. The group represents financial sponsors and developers in all stages of projects.
The restructuring and insolvency practice acts for debtors, creditors, trustees, monitors and receivers in CCAA proceedings, out of court restructurings, distressed acquisitions, and cross border insolvencies.
Key clients
Key clients for the firm include CIBC, RBC, Bank of Montreal, TD Securities, Goldman Sachs, Deutsche Bank, Mobilinx Hurontario General Partnership, EllisDon Capital, Pattern Energy, Bank of Nova Scotia, Scotia Capital, Dream Industrial REIT, Blackstone, Ontario Teachers’ Pension Plan, Canada Pension Plan Investment Board, Constellation Brands, Entertainment One, BC Partners, BMO Capital Markets, Lithium Americas, Kinross Gold, Hydro One, TransAlta, Wataynikaneyap Power, ACS Infrastructure, Arjun Infrastructure Partners, Fiera Infrastructure, Imperial Tobacco, Forever 21 and Bain Capital Credit.
