Torys > Calgary, Canada > Firm Profile

Torys > The Legal 500 Rankings

Canada > Banking and finance

Widely admired for its formidable regulatory offering, Torys stands out for its  record in complex banking M&A as well as day-to-day compliance matters. It additionally handles lending work, where it primarily advises borrowers on corporate financings; less frequently, the group also represents financial services clients on lending transactions. Adam Delean co-leads the banking and debt finance practice and advised Ontario Power Generation on a financing with with Canada Infrastructure Bank to support early works expenditures. Other transactional contacts include banking and debt finance co-head Amanda Balasubramanian; Calgary-based Kevin Fougere, who is highly regarded for energy-related issues; and Tom Zverina. Go-to financial institutions expert Blair Keefe jointly leads the regulatory department alongside Jill McCutcheon. Recently promoted regulatory partner Eli Monas and Calgary-based associate Tyrel Henderson are also recommended. Named lawyers are based in Toronto unless otherwise stated.

Canada > Corporate and M&A Tier 1

The corporate and M&A practice at Torys marshals the combined experience of teams in Toronto, Montreal, Halifax, Calgary and New York, to advise major corporates and financial institutions (including Scotiabank and BNP Paribas) involved in cross-border transactions at the domestic and international levels. The group’s client roster spans such sectors as telecoms, financial services, cannabis, utilities and energy. The group is jointly led in Toronto by John Emanoilidis, Karrin Powys-Lybbe and Michael Amm, all of whom bring expertise to complex M&A, securities, private equity and corporate governance matters. Other key figures include Adrienne DiPaolo in Toronto, who, in addition to public and private M&A, acts for bidders and targets in both negotiated and contested transactions; Janan Paskaran in Calgary, a specialist in securities compliance matters and corporate finance; and Jennifer Baugh (also in Calgary) who was promoted to partner in January 2023. Another key figure is senior associate Daniel Masliyah in Toronto.

Energy and natural resources > Oil and gas Tier 1

According to satisfied clients, Torys’ oil and gas team is comprised of ‘highly qualified partners and associates who understand the business’. The Calgary-based department is highly regarded for its transactional strength-in-depth, particularly in the emerging LNG space, while it also routinely advises energy companies on complex regulatory and Indigenous law matters. Practice head Derek Flaman specializes in commercial work across the full spread of upstream, midstream and downstream operations; he recently advised Enbridge on its sale of an 11.5% non-operating interest in seven of its operating pipelines in the Athabasca region to Athabasca Indigenous Investments. The group also draws on transaction-focused partners Chris Christopher, who sources recommend as ‘among the top commercial lawyers in Calgary’, as well as Peter Danner (‘an exceptional commercial and M&A lawyer’) and Amy Maginley. Senior associate and litigator Gino Bruni provides broad regulatory support.

Energy and natural resources > Power Tier 1

From its bases in Toronto and Calgary, Torys’ highly regarded group is active in power matters across the country. Enviably balanced between transactional and regulatory work, the practice acts for an impressive roster of Canada’s major power entities, including Ontario Power Generation and Hydro One Networks. Department co-head Krista Hill is a pre-eminent specialist in power transactions and projects; she is currently leading the team’s advice to Ontario Power Generation on Canada’s first on-grid small modular reactor at the site of its Darlington New Nuclear Project, and also on the related C$970m funding agreement with Canada Infrastructure Bank. Other key transactional contacts include projects specialist Valerie Helbronner and Huw Evans. On the regulatory front, department co-head Charles Keizer and Calgary-based Lou Cusano are both sought-after sector experts. Named lawyers are based in Toronto unless otherwise stated.

Canada > Infrastructure projects Tier 1

Torys stands out for its Pan-North American projects practice, with the team routinely engaged to advised on transactions in the US, as well as in Canada. The multidisciplinary group draws on infrastructure, energy, Indigenous law, real estate and project finance specialists, among others, which equips it to handle the full projects life cycle — from procurement issues through to development and secondary market transactions. Toronto-based department co-head Mark Bain is sought after for his specialist infrastructure expertise; he recently teamed up with Josh Van Deurzen, also in Toronto, to advise Infrastructure Ontario on the Accelerated High Speed Internet Program. The department is additionally co-led by Toronto-based power expert Krista Hill and New York-based Tara Mackay, who is noted for cross-border work. Other recommended names in Toronto include project finance specialist Scott Kraag; projects and infrastructure partner Daniel Ford; and talented senior associate, Jessica Ho-Wo-Cheong.

Canada > Insurance Tier 1

‘A key firm for expert insurance counsel’, Torys is primarily recognized for its dominant position in transactional and regulatory insurance. That being said, the team also benefits from its ability to draw on the wider firm’s deep bench of dispute resolution specialists to resource complex contentious cases. Blair Keefe is widely considered as a leader in financial services regulation, including insurance; he acted as insurance regulatory counsel to Intact Financial on its £7.2bn acquisition, together with Tryg, of RSA Insurance Group. Other key regulatory and transactional names include Jill McCutcheon; senior counsel Kelly Morris; and talented counsel Melissa Prado. On the litigation side, Linda Plumpton is representing Manulife in an application discussing the proper interpretation of the ‘tax-exempt’ status of a subset of its universal life insurance contracts.

Canada > Cannabis Tier 2

Torys is distinguished by its focus on the medical cannabis sphere, where sources commend its ‘specialist knowledge of the area’. Combining strength in transactional matters with broad regulatory experience, the group is equipped to handle the full life cycle of industry issues for a mix of crown organizations, blue-chip companies and start-ups. Group head Eileen McMahon chairs both the intellectual property, and the food and drug regulatory practices and contributes deep regulatory expertise; she recently paired up with the real estate group to advise Hawthorne Canada on its acquisition of its Kelowna research facility. Teresa Reguly is also noted. Former department co-head Cheryl Reicin joined Mintz.

Canada > Capital markets Tier 2

Split between Toronto and Calgary, Torys’ capital markets group leverages the wider firm’s robust financial services expertise to excel in complex debt offerings and structured finance matters. It is also well positioned to handle equity deals. In a highlight example of its practice sweet spot, Toronto-based David Seville recently advised Scotia Capital, and the syndicate of agents, on Scotiabank’s C$1.5bn public offering of limited recourse capital notes (LRCNS). On the equity side, Toronto’s Rima Ramchandani acted for Home Capital on its issuer bid for up to C$115m of its common shares. Calgary-based Scott Cochlan co-heads the department, together with Seville and Ramchandani, and handles a range of corporate and securities work. Other key contacts in Toronto include capital markets chair Kevin Morris; corporate finance partner Glen Johnson; securitization specialist Jim Hong; and talented senior associate Michael Murphy. Up-and-coming partner Michael Pedlow is noted in Calgary. Michael Feldman retired in December 2022, while associate Brett Saulnier left to join OPTrust.

Canada > Competition and antitrust Tier 2

Offering substantial experience in the energy, healthcare, insurance and financial services segments, the group at Torys is noted for its advisory competition law offering. The practice is also frequently engaged in complex contentious matters and cross-border mandates. The department is co-directed by a trio of Toronto-based partners. Dany Assaf and Omar Wakil cover the range of competition law and foreign investment matters, while Linda Plumpton‘s practice is focused on litigation, and is well-versed in class action defence, corporate disputes, securities litigation, foreign investment reviews and investigations. Partner James Gotowiec is an additional name to note for litigation, while Rebecca Wagner is the key name to note at the senior associate level. All lawyers mentioned work in the Toronto office.

Canada > Dispute resolution: Ontario Tier 2

Torys‘ Toronto-based group routinely represents a range of domestic and international companies in shareholder litigation, breach of contract and corporate governance matters. The practice is co-led by Linda Plumpton, who is focused on competition litigation, securities litigation, class action defence, and corporate and commercial disputes. Alongside her, Gillian Dingle routinely supports leading capital market players in professional liability claims, securities class actions and regulatory investigations. Additional key figures include Sheila Block, who demonstrates expertise in IP, defamation and administrative law disputes, and Sarah Whitmore, who handles employment, media and public law disputes. Another key figure is seasoned litigator Andrew Bernstein.

Energy and natural resources > Mining

The Toronto-led mining team at Torys draws on the strength of a network of offices in Montreal, Halifax, Calgary and New York, to advise large, mid-cap and junior mining companies, issuers, underwriters and selling security holders on high-value, multi-jurisdictional M&A, project finance, joint ventures, commodity transactions, mining arbitration, restructuring, permitting matters and negotiations with Indigenous groups. Michael Pickersgill  leads the team, bringing expertise to M&A, corporate finance, earn-in agreements, and royalty, streaming and offtake arrangements. Other key figures include Michael Amm, who handles complex strategic investments, joint ventures, corporate financings, royalty and streaming transactions; Braden Jebson, who was promoted to partner in January 2023; Don Bell, who draws on experience advising on mining projects in North and South America, Asia and Africa; and John Terry and Kevin Morris, who both specialize in capital markets transactions, board governance advice and shareholder activist issues.

Canada > Environment Tier 2

‘A results-oriented, pragmatic and reliable group’,  Torys strikes the right note with sources for being ‘consistently strong on strategic insight’. Mainly based in Toronto, with an additional platform in Calgary, the group is active across the country on environmental law matters, as evidenced by its recent work for clients such as Alberta-based Enbridge and Quebec-headquartered CN Rail, among others. Go-to expert Dennis Mahony spearheads the practice and is highly regarded for his work across the full spectrum of environmental law matters, from regulatory compliance to high-stakes litigation. Other recommended specialists include Michael Fortier, who stands out for his nuclear expertise, and Tyson Dyck, who has an emphasis on energy, climate change and ESG issues.

Canada > Intellectual property Tier 2

According to one pharmaceutical client, Torys impresses with its ‘knowledge regarding the intersection of regulatory and IP law’. Alongside its premier life sciences expertise, the Toronto-based group is additionally well versed in IP matters pertaining to the TMT, retail, food and beverage, agriculture, industrial, and energy and natural resources sectors, among others. IP chair and patent specialist Eileen McMahon also fronts the food and drug regulatory practice and advises on an array of IP protection and regulatory matters. Edward Fan coordinates the IP group and has an emphasis on IP acquisition, enforcement and exploitation. The group also fields two highly regarded IP litigators in Andrew Shaughnessy and Andrew Bernstein. Other recommended names include life sciences specialist Teresa Reguly and newly promoted patent litigator Nicole Mantini.

Canada > International expertise Tier 2

A key part of Torys‘ international work is underpinned by its longstanding relationships with major institutional investors, including private equity funds, pension funds and other financial services clients. Additionally, its dominant energy, projects and life sciences practices also translate into a significant volume of cross-border mandates. The firm maintains a sizeable New York platform, which has been led by corporate and securities partner David Chaikof since 2019. Other key names in New York include PPP specialist Tara Mackay and Jared Fontaine, whose practice has an emphasis on institutional investing for clients such as pension and sovereign wealth funds, private equity funds and global corporations. In Toronto, M&A specialists John Emanoilidis, Michael Amm and former New York office managing partner Karrin Powys-Lybbe are noted for their experience in high-profile, cross-border transactions.

Canada > Pensions Tier 2

Torys‘ practice provides clients with pension plan governance and pension law counsel. Its expertise also spans plan drafting, wind-ups, administration and tax issues, regulatory and governance matters and transactional support. The practice is jointly led by two Toronto-based partners: Tom Stevenson handles pension governance matters in relation to corporate and commercial transactions, and Lisa Talbot specializes in contentious employment and pensions matters. Counsel Raegan Kennedy is also of note. Ex-practice head Mitch Frazer left the firm in March 2023, along with partner Susan Nickerson, who departed in April 2023. Partner Stephanie Kalinowski, previously at Hicks Morley Hamilton Stewart Storie LLP, joined the group in June 2023.

Canada > Real estate Tier 2

The real estate group at Torys draws on the combined experience of teams in Toronto, Montreal, Halifax, Calgary and New York, to advise owners, investors, developers, government bodies and lenders (including Metrolinx, The Toronto-Dominion Bank, TD Securities) on projects involving joint venture ownership, large-scale multi-use developments, energy and infrastructure projects and phased development arrangements, from initial inquisition through development, management and disposition. The practice is led by Sabrina Gherbaz and Graham Rawlinson, who both bring experts to acquisitions, joint ventures and project finance. Other key figures include Andy Gibbons, who brings strength to matters involving energy projects and public-private partnerships; Simon Knowling, who heads real estate investment trust (REIT) group; and Rose Bailey, who provides extensive experience in commercial real estate, renewable energy assets and securitizations. Senior partner David Dell retired in December 2022. All lawyers mentioned work in the Toronto office.

Canada > Restructuring and insolvency Tier 2

The group at Torys frequently acts on the side of the main debtor, court officer, principal creditor and purchaser in insolvency mandates. David Bish and Tony Demarinis co-lead the practice from Toronto. Bish focuses on plenary and ancillary cross-border insolvency and restructuring matters, routinely advising clients in distressed circumstances. DeMarinis majors on negotiated workouts, recapitalizations, debt exchanges, refinancings and CCAA proceedings. Scott Bomhof brings over two decades of restructuring experience to the table and has particular strength assisting clients in the real estate, construction and life science sectors. Adam Slavens displays strength in such sectors as sports, cannabis and biotech. All lawyers mentioned work in Toronto.

Canada > Tax Tier 2

The tax practice at Torys is regularly instructed by private equity funds, corporations, pension funds and banks for its support on transactional tax matters including M&A and capital markets mandates, many of which feature a cross-border component. At the helm of the department, Jerald Wortsman specializes in domestic and international corporate tax planning work. ‘Senior statesman’ and transactional specialist Corrado Cardarelli is lauded by one client as ‘humble, practical and responsive’, while the ‘very technically skilled’ Gwen Watson places emphasis on M&A and corporate reorganizations. In Calgary, Craig Maurice majors on energy and natural resources tax matters.

Canada > Technology Tier 2

Torys‘s practice demonstrates expertise in outsourcing, fintech, M&A, start-up financing, venture capital, gaming, infrastructure and data licensing matters. The group is frequently instructed by infrastructure, finance, healthcare, energy and real estate clients. Toronto-based partners Adam Armstrong and Joel Ramsey co-lead the team. Armstrong specializes in technology and commercial contracting matters, including complex service arrangements, while Ramsey majors on technology development and procurement, fintech and privacy matters. Ebad Rahman is active on matters involving sponsorship, licensing and naming rights agreements, while Jessica Lumiere is the key name to note at the senior associate level.

Canada > Dispute resolution: Quebec Tier 3

Torys‘s Quebec group is well-versed in representing clients in commercial contract disputes, shareholder disputes, distressed M&A proceedings and insurance claim disputes. Montreal-based Sylvie Rodrigue heads up the practice and demonstrates broad expertise in civil liability, securities litigation, consumer protection, tort and negligence, breach of contract and privacy matters. Key partners include corporate and commercial litigator Christopher Richter; Julie Himo, who handles commercial fraud, contractual disputes, shareholder disputes, corporate and securities matters; and Marie-Ève Gingras, who majors on product liability, consumer complaint, public law and price-fixing litigation.

Canada > Indigenous law Tier 3

The practice at Torys handles a variety of contentious and non-contentious matters, including M&A transactions involving Indigenous communities, commercial arrangements, energy and infrastructure projects, disputes, land claims and restructurings. The group is co-led from Toronto by Valerie Helbronner, who focuses on the involvement of Indigenous communities in infrastructure projects; and litigator John Terry. Former Supreme Court Justice and senior counsel Frank Iacobucci is noted for his participation in contentious work. Associate Brianne Paulin majors on due diligence for Indigenous and environmental matters.

Canada > Public procurement Tier 3

Canada > International trade Tier 4

Torys’ international trade expertise is particularly weighted towards contentious matters, with a focus on investment treaty arbitrations and international commercial arbitrations. That being said, the group also leverages a significant regulatory offering that covers economic sanctions, anti-corruption law and export controls, among others. Department head John Terry brings to bear a strong record in complex disputes, where he represents corporations and federal, provincial and municipal governments on NAFTA and WTO cases. Senior associate Ryan Lax is additionally noted for contentious and regulatory trade work.

Canada > Labour and employment Tier 5

The Toronto-based group at Torys offers advisory labour counsel on matters including hirings and dismissals, employment standards and occupational health and safety laws, employee benefits and executive compensation, in addition to representing clients in employment class actions. Lisa Talbot heads up the employment litigation practice and has significant expertise in workplace harassment matters. Partner Jennifer Lennon specializes in compensation arrangements for senior management teams, while counsel Darryl Hiscocks provides across-the-board labour support. Ex-practice head Mitch Frazer left the firm in March 2023.