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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.
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. 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.
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.
Miller Thomson is a national business law firm with approximately 500 lawyers across five provinces in Canada — the broadest reach of any Canadian law firm. Partnering with clients across Canada and internationally, we bring deep local insight to a comprehensive range of business law, litigation and dispute services, as well as other specialized practices. We focus on understanding your business, your industry, and the factors that drive long-term growth and success.
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. 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.
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. 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.
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. 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.
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. Although the firm is best known for its restructuring and insolvency and M&A practice areas, they also have standout banking, capital markets and project development practice areas. 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.
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.
Blake Cassels & Graydon, a historic member of the Seven Sisters, was founded in 1856. This full-service firm has expanded to five Canadian cities—Toronto, Calgary, Vancouver, Montréal, and Ottawa—and two international locations in New York and London. Renowned for its corporate and project development expertise, the firm excels in financial services, advising on regulatory and transactional matters, including refinancing and acquisition financing. Its capital markets team handles diverse equity, debt, and structured finance issues, while the M&A team supports strategic acquisitions and reorganizations. The restructuring and insolvency team is adept at managing all sides of restructuring proceedings.
Highlights
Blakes advised on two of Canada’s most significant transactions in 2024. The firm represented Advent International in its take-private acquisition of Nuvei Corporation, a global fintech leader. The deal involved complex structuring of multi-billion-dollar debt financing, concurrent reorganizations, and a new governance framework among Advent and rollover shareholders, alongside global regulatory approvals—setting a benchmark for cross-border private equity transactions. Blakes also acted for South Bow Corporation in its notes offering, the largest debt capital markets transaction in Canadian history, tied to TC Energy’s liquids pipeline spinoff. The transaction required innovative hybrid securities structuring, regulatory approvals across Canada and the U.S., and the creation of a dual-listed public company on TSX and NYSE.
Key Clients
Algonquin Power & Utilities, AstraZeneca, Cleveland Cliffs, Coastal Gaslink Pipeline, Equinox Gold Corporation, JP Morgan Securities, RBC Capital Markets, Royal Bank of Canada and South Bow Corporation.
Fasken Martineau DuMoulin, a full-service firm formed through several mergers, has grown since 1863 to 10 offices in four countries. In Canada, it operates in Calgary, Montréal, Ottawa, Québec City, Surrey, Toronto, and Vancouver, with international branches in Beijing, Johannesburg, and London. The firm specializes in banking and finance, capital markets, financial services, M&A, project development, and restructuring and insolvency. Key industries include mining, infrastructure, life sciences, and financial services, with notable expertise in acquisition financing, debt and equity markets, regulatory compliance, and P3 projects.
Highlights
In a landmark Lithium deal, Fasken provided legal counsel for Allkem LTD In its $10.6B, all-share merger with Livent Corp. The newly formed entity is set to produce a significant volume of lithium, representing 7% of global mine production. Demonstrating their legal expertise, Fasken also advised on the strategic sale of Uni -Select via a plan of arrangement, where the subsidiary will acquire all issued and outstanding shares of Uni-Select.
Key Clients
Kellogg, ArcelorMittal, Co-operators Financial Services, Novacap, Investissement Québec
Testimonials
“Fasken handled all the transactions in an efficient manner and provided sound advice on a number of financing matters that facilitated the closings. The level of expertise that Fasken brought to the table really made a difference.” - (Banking and Finance client)
“Fasken's team had depth of experience in domestic and international P3 infrastructure projects and provided a core team that was strategically staffed with lawyers to provide expertise while also being cost-effective. The team was dedicated and always responded promptly as needed.” - (Projects Client)
“Daniel has been a strong partner for our credit agreements. He has demonstrated a strong aptitude in project management and meeting tight deadlines and providing strong recommendations for unique situations. I've developed a strong degree of trust for Daniel Leslie's advice and work.” - (Daniel Leslie)
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.
Highlights
McMillan advised on some of Canada’s most significant transactions in 2024. The firm represented the Department of Finance on the Government of Canada’s second green bond issuance and its subsequent reopening, marking the first sovereign green bond globally to include nuclear energy expenditures under an updated framework. McMillan also acts for The Bank of Nova Scotia as agent to a syndicate of lenders in the complex restructuring of Joriki, a cross-border beverage manufacturer facing insolvency proceedings in Canada and Chapter 7 in the U.S., including asset sales and DIP financing. Additionally, McMillan represents the Province of Quebec in the CCAA proceedings of major tobacco companies, negotiating the largest mass tort resolution in Canadian history.
Key clients
Alvarez & Marsal Canada, Bank of Montreal, Department of Finance, JP Morgan Chase Bank, Royal Bank of Canada, The Bank of Nova Scotia & Roynat Capital and Valeo Pharma.
Sangra Moller, based in Vancouver, is a Canadian corporate and securities law firm serving local, national, and international clients. The firm excels in capital markets and corporate work, focusing on corporate finance, securities, M&A, strategic investments, takeovers, and natural resources in forestry and mining. Active in capital markets, it handles domestic and overseas at-the-market offerings. In M&A, the team specializes in cross-border mergers and acquisitions, particularly for acquirers in the energy and mining sectors.
Highlights
Sangra Moller advised on significant cross-border financings in 2024. The firm represented Mercer International in its senior notes offering, one of Canada’s largest debt financings of the year, completed under a tight timeline and involving complex U.S.-Canada regulatory considerations. Sangra Moller also acted as lead counsel to Gold Royalty in a bought deal financing of units listed on NYSE American, executed alongside concurrent acquisitions and requiring intricate coordination across jurisdictions. Additionally, the firm advised Uranium Royalty on its bought deal share offering, navigating cross-border securities compliance for a Canadian issuer listed in the U.S. These transactions underscore Sangra Moller’s expertise in sophisticated capital markets and multi-jurisdictional deals.
Key Clients
Mercer International, Gold Royalty, Scully Royalty, Uranium Royalty, Conifex Timber.
Testimonials
“Incredible work ethic, competence, responsiveness and business sense.” (M&A client)
“Rod Talaifar has an exceptional fundamental understanding of our industry and wise business and tactical counsel beyond just legal advice.” (M&A client)
“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.” - (M&A Client)
“Always accessible. Practical approach to solving challenges. Very responsive. Proactive – Identified key risk areas.” - (M&A Client)
“Always accessible. Proactive. Good risk management. Creative problem solving. Always delivered on deadlines – timely.” - (M&A Client)
“Rod Talaifar is my go-to on every aspect of my business. He’s indispensable.” - ( Rod Talaifar)
“Exceptional expertise and service from our partner Rod Talaifar.” - (Rod Talaifar)
“Seemingly tireless – always available. Proactive. Excellent risk management. Creative problem solver. Calm and reassuring style.” - ( Rod Talaifar)
Thornton Grout Finnigan, or TGF, is a boutique firm specializing 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.
Highlights
Thornton Grout Finnigan is advising on two highly complex, precedent-setting insolvency matters in Canada. The firm represents the Government of Yukon in the receivership of Victoria Gold following a catastrophic environmental failure at the Eagle Gold Mine, overseeing a significant remediation effort and structuring a priming charge in favor of the regulator—an unprecedented move in Canadian insolvency law. The matter involves sensitive engagement with affected First Nations communities whose land and waterways were impacted, adding significant regulatory and social dimensions. TGF also acts for Ernst & Young as Monitor in the Carillion CCAA proceedings, managing claims exceeding $5 billion, negotiating asset and share sales, and implementing an innovative claims process that enabled substantial recovery. Both matters involve intricate regulatory, environmental, and cross-border issues, underscoring TGF’s leadership in complex restructuring and litigation.
Key clients
Ernst & Young, FTI Consulting Canada, Government of Yukon, Oxford Properties Group and Pricewaterhouse Coopers.
Testimonials
“Excellent strength in depth, first class restructuring counsel and litigation counsel when needed” (Financial restructuring)
“Top class restructuring advice, Bob Thornton is one of, if not the best restructuring lawyers in Canada, also of note Grant Moffat. TGF has a great team in depth. I have worked with Rebecca Nicholson, Mitch Grossel and Puya Fesharaski all of whom will make sure TGF is a top Canadian restructuring law firm for many years. Also, when it comes to restructuring related litigation, there is nobody better in Canada than John Finnigan.” (Financial restructuring)
“The team provided a solid plan on how to proceed with the Receivership Application and secure a Receivership Order. Their experience and ability to stay on track and focus on the main issues were critical to our success.” (Restructuring client)
“Robert Thornton combines first class legal, knowledge, advice and strategy with excellent business and strategic advice.” (Financial Restructuring client)
“Robert combines top notch legal knowledge with excellent business acumen and negotiating skills.” (Financial Restructuring client)
“D.J. is a great listener. She listens to the issues at hand and is thoughtful in her interpretations of them and in the action plans she recommends. She is extremely experienced and always remains calm.” (Restructuring client)
Founded in 1941, Torys has grown to five offices, including four in Canada and one in New York. Renowned for its M&A and project development work, the firm excels in finance, corporate, and projects practice areas. The banking team handles credit facilities, acquisition financing, and project financing, while the capital markets team supports issuers and underwriters in debt, equity, and securitization. The M&A team represents buyers, sellers, and private equity firms, and the projects team focuses on energy and infrastructure. Torys also addresses restructuring and insolvency issues for a diverse clientele.
Highlights
Torys advised on two landmark transactions of national significance in 2024. The firm represents Innovation, Science and Economic Development Canada in its proposed debt and equity investment in Telesat Canada to develop the Lightspeed Low Earth Orbit satellite constellation—the largest space program in Canadian history. This transformative project positions Canada at the forefront of the global New Space Economy, bridging the digital divide and driving innovation. Additionally, Torys acts as Canadian counsel to Viterra Limited and its shareholders in Viterra’s proposed merger with Bunge Limited, creating a global agribusiness leader. The deal involved complex competition and public interest reviews under Canadian law, requiring detailed negotiations and political-level approval by the Governor-in-Council.
Key Clients
Bain Capital, Brookfield Group of Companies, Canadian Western Bank, Department of Justice Canada, Scotiabank and Viterra Limited.
Testimonials
“The Torys team is highly competent and highly responsive. They worked alongside us and felt like they were part of our team rather than just a third-party advisor.” (M&A client)
“Torys LLP's professionals are extremely knowledgeable, dependable and responsive. The quality of their work is outstanding.” (Project development client)
“It is truly a full-service firm. Because it has project finance experience, we are able to rely on that, so we ensure that for every step we take and every contract signed, it is bankable. They are also very fast and responsive and knowledgeable.” (Project development client)
“Torys has an excellent restructuring team comprised of top-end experienced practitioners (Demarinis/Bish/Bomhof) as well as up and coming partners recently entering their prime (Slavens), which has helped solidify capabilities and learned experience/expertise across generations. It is very efficient with the expected fees closely matching or beating my expectations, having worked with many competitors. Its full-service offering is critical to complex restructuring mandates that touch industry, human capital, financing, investigations, litigation, and other legal specialties - all of which the Torys team can capably fill.” (Restructuring client)
“Adam is a terrific lawyer who is at the start of his prime with the opportunity to solidify himself as a go-to advisor in the Canadian market. He is accountable, practical, and solution oriented.” (Restructuring client)
“Krista Hill does everything extremely well.” (Project development client)
“Chris Christopher is very knowledgeable in his area and in the jurisdiction (power purchase agreements for renewable projects in Alberta). He is very responsive and detailed and good at explaining difficult concepts.” (Project development client)
“Huw has an incredible knowledge of corporate law and expertise when it comes to M&A in the energy sector. He also has a breadth of legal knowledge outside of just energy transactions. He is also great a problem solving.”
Founded in 1952, Stikeman Elliott has become an international powerhouse, renowned for its capital markets and M&A expertise. With five Canadian offices and three international locations, the firm excels in banking, project development, and financial services regulation. Their banking team handles cross-border and domestic financing, while the capital markets team is adept in debt, equity, and structured finance. The M&A team serves a diverse clientele, and the project development team focuses on infrastructure and energy projects. Additionally, their restructuring and insolvency team supports debtors, monitors, trustees, and lenders.
Highlights
Stikeman Elliott advised on transformative transactions in mining, infrastructure, and energy in 2024. The firm acted as lead counsel to Osisko Bermuda Limited in its syndicated gold stream agreement with Franco-Nevada for SolGold’s Cascabel copper-gold project in Ecuador—one of the world’s largest mineral developments—requiring intricate structuring of multi-tranche funding and stream rights. Stikeman also represents Canada Pension Plan Investment Board in the sale of its 7.51% stake in 407 ETR to PSP Investments and its simultaneous acquisition of a 6.76% stake from AtkinsRéalis, reinforcing CPP’s infrastructure portfolio. Additionally, the firm advises First Nations Limited Partnership on the Wataynikaneyap Power Transmission Project, a landmark 1,800 km line bringing electricity to remote communities in Northwestern Ontario.
Key Clients
Air Canada, Boralex, Canada Growth Fund, Canada Pension Plan Investment Board, First Nations Limited Partnership, Hudson’s Bay Company, New Foundland & Labrador Hydro, Osisko Gold Royalties and TC Energy Corporation.
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. 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.
At Blake, Cassels & Graydon LLP (Blakes), we serve a diverse national and international client base. Our integrated network of offices provides clients with access to the Firm’s full spectrum of capabilities in virtually every area of business law. Whether an issue is local or multi-jurisdictional, practice-area specific or interdisciplinary, Blakes handles transactions of all sizes and levels of complexity. We also focus on building long-term relationships with clients by providing unparalleled client service and the highest standard of legal advice.
McMillan LLP is a national business law firm that knows real-time business solutions are a key driver of corporate success. With offices in Vancouver, Calgary, Toronto, Ottawa and Montréal, we provide exceptional industry insights in transportation, technology and technology transactions, infrastructure and construction, and natural resources and energy. Whether it’s a cross-border transaction, a complicated private equity deal, complex real estate financing, or a bet-the-company lawsuit or regulatory dispute, McMillan has the expertise leaders need to succeed and stay ahead in today’s fast-paced business climate.
Torys LLP is an international business law firm that works with clients who expect the best advice and exceptional service. Torys’ dedication to excellence across practice areas and industries has resulted in an enviable record of experience in Canada and globally. Teamwork is one of the firm’s distinguishing features, reflected in all aspects of how the firm partners with clients and collaborates internally. Long-standing clients continue to retain Torys not only for its excellent service and legal expertise, but also because of a shared value for lasting partnerships based on trust and respect.
Torys serve clients across Canada and globally from offices in Toronto, New York, Calgary, Montréal and our Legal Services Centre in Halifax, Nova Scotia.
Our core practice areas consist of corporate finance, securities, mergers and acquisitions, strategic investments, takeovers and takeover defence, corporate and commercial, and natural resources. Our breadth of experience in such practice areas allows us to participate in larger and more complex transactions on a national and international level. In addition, we are regularly called upon to act as special counsel to boards of directors in relation to complex corporate governance matters.
