The Legal 500 > Canada > Canada > Banking and finance

Blake, Cassels & Graydon LLP distinguishes itself through its deep bench and seamless strength across the country, with the practice holding dominant positions in all of Canada’s four largest commercial centres. The team also leans on international platforms in New York, London and Beijing, marking it as a top choice for cross-border mandates, where it acts for a mix of Canadian and foreign lenders and borrowers. In a highlight example of its multi-jurisdictional prowess, the firm was selected by JPMorgan Chase to advise on a $2.3bn DIP facility to Toys ‘R’ Us Canada, and its US parent, connected to the retail chain’s high-profile liquidation, which involved coordination between US and Canadian teams; up-and-coming partner Aimee Yee led that deal, which is testament to the strength of the firm's younger talent. Among the senior transactional specialists in Toronto, Michael Matheson is a leading name for major deals, particularly syndicated loans and acquisition financings; Simon Finch continues to impress on the alternative lending side; and Michael Harquail maintains a broad banking and finance practice. In Calgary, local group head Michael McIntosh QC is sought after for transactions in the oil and gas space, along with the increasingly prominent Nick Tropak. In addition, Sébastien Vilder and Michael Birch are the chief transactional contacts in Montreal and Vancouver respectively. The firm’s regulatory expertise is equally as respected as its deal-making capabilities, with Toronto-based national financial services lead Paul Belanger rated for his advice on governance issues, product development and banking M&A. Toronto-based Dawn Jetten is also noted for financial services regulation.

Considered by many as a top choice for finance transactions, McCarthy Tétrault’s broad practice also houses significant regulatory firepower, with financial services co-head Barry Ryan noted as ‘simply terrific’ for his capabilities in both areas. The group, which benefits from strong platforms in Toronto, Calgary, Montreal and Vancouver, is best known for its experience in large, multi-layered transactions, where it can draw upon other departments within the firm to provide comprehensive multi-disciplinary advice. In a recent example, up-and-coming partner Justin Lapedus advised Credit Suisse, Cayman Islands Branch as agent on a $1.4bn debt financing and a $100m revolving facility to Searchlight Capital Partners, connected to its acquisition of Mitel Networks; the deal drew on supplementary support from the business, bankruptcy, tax and pensions teams. Infrastructure specialist Stephen Furlan is a key contact for project finance matters, while national financial services co-lead Marc MacMullin has a strong profile in the structured finance space. Other areas of note include oil and gas, where Calgary-based Joseph Palin is a key contact, and fintech, where Ana Badour is establishing herself as a future star. The group also benefits from the senior experience of cross-border expert Richard Higa and Montreal-based counsel Michel Deschamps Ad E.

Fasken’s national practice strikes a balance between transactional and compliance matters, with project finance, mining-related deals and financial services regulation all standing out as strong suits. On the transactional front, the firm enjoys close links with lenders (it is on the panel of four of the six largest Canadian banks, and it is also a preferred counsel for foreign financial institutions, credit unions and alternative lenders) as well as major borrowers. Names to note in Toronto include John Torrey, who is lauded as a market heavyweight and is particularly experienced in mining-related matters. The group also benefits from the senior experience of finance stalwart Jon Holmstrom and regulatory specialist Stephen Clark. Among the next generation of partners, up-and-coming specialist Thomas Meagher continues to impress. Also recommended is Montreal-based Marc Novello, who is highly regarded for bank financing.

Norton Rose Fulbright’s extensive global network helps fuel a steady stream of multi-jurisdictional mandates, with recent strong showings in US and Africa-related deals. Nationally, the practice group is well weighted among six domestic offices, with Calgary, Montreal and Toronto all standing out as key deal-making centres. In terms of its practice strength, the firm packs a punch in debt finance, asset-based lending and project finance. High-profile figures include Calgary-based Rick Borden, who is widely considered ‘a leader in Alberta’. Best known for his strength in energy-related transactions, Borden is held up by many as a go-to partner for large-scale projects and financings in the oil and gas sector. In Montreal, national banking and finance practice coordinator Peter Wiazowski is noted for his track record in cross-border transactions, while asset-based lending group co-chair David Amato is a name to note in Toronto. Other key contacts include Arnold Cohen and David Lemieux, both of whom are based in Montreal.

Among Torys LLP’s key attributes, market sources draw particular attention to the firm's market-leading regulatory practice, which is spearheaded by financial services expert Blair Keefe, ‘one of the the best in his field’. The group also continues to broaden its footprint on the transactional front, where it regularly links up with other key departments in the firm to provide a full-service offering to corporate borrowers and lenders. Up-and-coming partner Tom Zverina took the helm for a couple of very high-profile recent deals, including advising Mizuho Bank on the politically sensitive — and ultimately terminated — $2.6bn financing of the acquisition of US energy company Avista by Ontario-headquartered Hydro One. He also led the firm’s advice to Choice Properties REIT on the C$2.5bn financing of its acquisition of Canadian Real Estate Investment Trust’s assets, which created Canada’s largest REIT, valued at approximately C$16bn. The national department also draws upon the expertise of Calgary-based Kevin Fougere (noted as ‘a top pick for energy-related financings’), project finance specialist Jonathan Weisz, and joint practice co-heads Adam Delean and Amanda Balasubramanian. Named lawyers are based in Toronto unless otherwise stated.

Bennett Jones LLP’s longstanding dominance in the oil and gas sector has produced an energy-focused finance practice specializing in advising corporate borrowers on project finance, acquisition finance, syndicated lending and leveraged finance transactions. In Calgary, Philip Backman QC’s name is synonymous with energy finance; he continues to advise North West Redwater Partnership on the financing of the construction of its C$10bn bitumen refinery in Alberta, one of the largest projects ever constructed in Canada. Outside of the energy sphere, Calgary-based financial services co-head Patrick Brennan is highlighted as ‘the first name you think of for aviation finance in Canada’. Karen Dawson is also a key contact in Calgary. On the lender side, Toronto-based Mark Rasile has recently undertaken work for China Construction Bank. Steven Lutz, who co-leads the financial services group, is also recommended in Toronto.

Borden Ladner Gervais LLP’s increasingly prominent banking team combines a strong presence in both Eastern and Western Canada with strengths in corporate lending, structured finance, project finance and regulatory matters. The firm is a key counsel to major banks such as BMO, Scotiabank and HSBC Bank Canada, and also consistently acts for credit unions, funds and borrowers. Key contacts include Vancouver-based national lead Donald Bird, who regularly acts for lenders and borrowers, Montreal-based Vincent Frenette, and Calgary-based corporate finance partner David Whelan QC. Also recommended is Montreal-based senior counsel Kenneth Atlas.

McMillan LLP draws upon its extensive regional network, includes offices across Alberta, British Columbia, Ontario and Quebec, to provide comprehensive national coverage of banking and finance matters. Further afield, the group also benefits from an international platform in Hong Kong. Toronto-based Paul Avis, who co-chairs the financial services practice, handles all areas of debt financing, including syndicated loans, asset based lending and structured finance. Jeffrey Rogers, also based in Toronto, co-chairs the syndicated finance department and enjoys a strong reputation in the market. Other key contacts include John Morrison and Eric Friedman, who operate from Vancouver and Toronto respectively.

Traditionally strong on the lender side, Dentons’ national banking group continues to raise its profile among borrowers, with recent weighty mandates for both domestic and foreign financial institutions. Most notably, Toronto-based Dennis Wiebe (‘every deal he’s on runs smoothly’) acted for HSBC Bank Canada on two deals over the past year. The team also benefits from the firm’s increasingly prominent cannabis practice, and recently advised a major Canadian bank, as agent, on a C$200m syndicated loan to Aurora Cannabis, which represented the first conventional debt financing of a cannabis company in Canada — Toronto-based Tom Hunter led that matter.

Gowling WLG’s banking and finance practice covers all the major bases, with its extensive national network attracting a diverse regional deal flow spanning the real estate, energy, manufacturing and technology sectors, among others. The firm’s international dimension is also a significant string to its bow, and it remains a popular choice for foreign as well as domestic borrowers and lenders. Cost-effectiveness is a recurring theme among market sources, a trait that underlies the group’s success in leveraging the wider firm’s tech-savvy approach to legal services delivery to provide industry-specific tools supporting fixed-fee arrangements. David Cohen has a strong record restructuring and distressed M&A and heads the team from Toronto. In Calgary, Elizabeth Burton impresses with her ability to ‘find the most effective alternative by considering many different views and ideas’; she is noted for energy and real estate finance.