Combining standalone offerings in both banking regulation and financial transactions, Blake, Cassels & Graydon LLP fields one of the broadest financial services practices in the market. Through its well-staffed platforms in Toronto, Calgary, Montreal and Vancouver, the team enjoys close relationships with major Canadian banks, and its New York and London offices also mark it as a popular choice to advise multinational financial institutions. On the regulatory side, national financial services head Paul Belanger is widely regarded as a market leader; in a notable pathfinder mandate, he advised Definity Financial (formerly Economical Mutual Insurance Company) on the first property and casualty demutualization in Canada. Jacqueline Shinfield and up-and-coming partner Bonny Murray are also key contacts for regulatory work. On the transactional front, Michael Matheson represents financial institutions and alternative lenders on many of Canada’s largest financings; he recently advised BMO, and a syndicate of lenders, on providing $1.4bn of credit facilities to support Brookfield Infrastructure’s C$8bn acquisition of Inter Pipeline. Other senior names include Calgary-based Michael McIntosh KC, who specializes in energy-related financings; Simon Finch, who routinely acts for both lenders and corporate borrowers; and seasoned finance expert Michael Harquail. The group also leans on Calgary-based next-generation partner Nick Tropak and counsel Mena Bellofiore, whose practice is dedicated to regulatory compliance. Named lawyers are based in Toronto unless otherwise stated.

Noted for its ‘knowledge of industry precedents‘, McCarthy Tétrault possesses an enviable track record of involvement in many of the country’s landmark finance transactions. The firm also houses a prominent regulatory practice, which frequently advises domestic and foreign financial institutions on financial services policy development and implementation. Names to note in the former sphere include high-profile specialist Richard Higa, who shines in major, large-scale lending transactions. Higa led on one of the market’s marquee deals for 2021 when he acted as Canadian counsel to Bank of America Securities and Bank of America (Canada Branch) — as financial advisor, underwriter and lead arranger to Rogers Communications — in relation to Rogers’ C$26bn acquisition of Shaw Communications. The group also includes Justin Lapedus, whose practice takes in a broad range of secured and unsecured lending transactions; project finance specialist Stephen Furlan; and Montreal-based Michel Deschamps. On the non-transactional side, Ana Badour is recommended for her strong skill sets in banking regulation and fintech, while Nancy Carroll combines strength in financial services and insurance law matters. Seasoned counsel Barry Ryan is also highly regarded for his long-standing reputation in the banking and finance field. Up-and-coming names include partner Ian Mak and talented associate Noel Chow, both of whom focus on transactional work. Debt capital markets expert Marc MacMullin spearheads the broader financial services department.

Fasken‘s banking and finance practice is distinguished both by its extensive national platform, which spans offices across Ontario, Quebec, Alberta and British Colombia, as well as its international capability, which includes offices in Beijing, Johannesburg and London. A stand-out performer in mining-related financings, leveraging its firm-wide strength, the department also shines in energy and private equity transactions. In Toronto, Thomas Meagher is sought after for mining-related work and advised Scotiabank and the syndicate of lenders on the financing of Equinox’s acquisition of Premier Gold and its flagship assets, which involved five distinct intercreditor agreements. Toronto is also the seat of John Torrey, who stepped down to counsel in January 2022, and impressive associate Daniel Conrad. In Montreal, Marc Novello and Angela Onesi are the names to note, while Scott Sangster is a key contact in Calgary. Onesi co-heads the national practice alongside Vancouver-based Andrew Jackson and Toronto partners David Johnson and Dev Singh.

‘Very practical lawyers with a deep bench‘, Norton Rose Fulbright impresses clients with its extensive international reach, cited as ‘useful when looking at cross-border transactions‘. Equally adept at advising both lenders and borrowers, the group handles the full-range of corporate leveraged loans, asset-based lending, acquisition finance, project finance and structured finance, with particular expertise in multi-jurisdictional deals. High-profile names include Calgary-based Rick Borden, who is acclaimed for project finance and energy-related matters; he recently advised Canadian Imperial Bank of Commerce and Bank of Montreal on providing C$420m syndicated and bilateral credit facilities to the Calgary Airport Authority, as part of the latter’s debt restructuring. In Montreal, national practice coordinator Peter Wiazowski, asset-based lending co-head Arnold Cohen and corporate finance partner David Lemieux are recommended. Key names in Toronto include David Amato, who co-chairs the asset-based lending group, and Elana Hahn, who maintains a broad banking and finance practice. Vancouver’s Matthew Choi and Toronto’s Russell Dufault were both elevated to the partnership in January 2022.

Lawyers at Torys strike the right note for being ‘willing to shape documents to fit unique transactions‘. The group’s diverse client base includes major banks, pension funds, corporate borrowers and public sector entities, whom it advises on a range of lending transactions and strategic regulatory matters. On the transactional side, Toronto-based Adam Delean ranks among Canada’s leading lights; he recently advised Royal Bank of Canada, and the lending syndicate, on providing C$485m senior secured credit facilities to Pet Valu Canada. Amanda Balasubramanian, who co-heads the banking and debt finance practice alongside Delean, and Tom Zverina are also noted for transactional matters in Toronto, while pre-eminent specialist Blair Keefe and the increasingly prominent Jill McCutcheon are optimal choices for regulatory issues. Outside of Toronto, the firm’s Calgary office is held up by one banking client as ‘the best in the city‘, with Kevin Fougere recommended for his strength in energy-related matters. Fougere recently advised ATB Financial on the project financing of the East Strathmore 20 MW Solar Project in Alberta. Calgary-based senior associate Tyrel Henderson is also highlighted for his ‘excellent work‘.

Bennett Jones LLP is recognized for its strength in infrastructure, and energy and natural resources-related financings, acting for both borrowers and lenders. It also shines in representing alternative lenders, including private equity clients and hedge fund debt investors. In a recent highlight, Toronto-based Mark Rasile advised the lead arrangers and syndicate on the amendment and restatement of Cameco Corp’s C$1bn syndicated revolving credit facility. Toronto’s Steve Lutz co-heads the national practice alongside Calgary-based aviation finance expert Patrick Brennan. The group also includes the increasingly prominent Karen Dawson in Calgary, while regulatory specialist John Teolis and cannabis sector specialist David Rotchtin are noted in Toronto.

Dentons draws on its enviable international platform to handle a significant volume of multi-jurisdictional financings. The group also shines in matters relating to emerging legal markets, including the cannabis, fintech, and cryptocurrency and payments spheres. Toronto-based national group head Ryan Middleton is recognized for his representation of major Canadian banks in technology lending, while Toronto-based Dennis Wiebe co-chairs the global group and specializes in lending and restructuring transactions. Michael Henriques, who has an emphasis on sponsor/fund finance work, and financial institutions head Heidi Clark are also recommended in Toronto. Joel Cabelli spearheads the department in Montreal.

Gowling WLG houses a broad financial services practice, which advises all six of Canada’s major banks from its extensive network of national offices, and also acts for foreign banks and domestic and foreign insurers. In Toronto, national lending head Christopher Alam is noted for his experience in advising both lenders and borrowers meanwhile Dom Glavota is particularly acclaimed for his lender-side representation. Over in Calgary, Elizabeth Burton leads the local practice and has a focus on financings in the energy, real estate and agricultural sectors.