Torys > Toronto, Canada > Firm Profile

Torys > The Legal 500 Rankings

Canada > Capital markets Tier 1

Torys' capital markets team is a go-to practice for issuers across a number of industries, and stands out for its considerable experience in the financial services sector. The department's experience is not only limited to matters such as IPOs, follow-on and debt offerings, but to novel transactions including advising banks on the use of limited recourse capital notes (LRCNs). The team also offers significant securitization expertise, with highlights including Jim Hong and Michael Feldman leading TD Securities’ C$450m offering of residential mortgage-backed securities. Beyond that, it counts among its clients a number of major investors, including Brookfield and RBC. It also differentiates itself thanks to its active New York office, allowing it to coordinate transactional work on cross-border placements. Rima Ramchandani and David Seville lead the Toronto-based team, advising on cross-border work and securities transactions, respectively. Scott Cochlan leads the Calgary-based team, with significant experience in the oil and gas sector as well as emerging markets. Glen Johnson is known for his comprehensive securities regulation offering, and Brett Saulnier is a key contact at the associate level.

Canada > Corporate and M&A Tier 1

Trusted advisors to a number of the country’s leading companies, Torys combines its considerable deal-making experience with its strong knowledge of regulatory and corporate governance matters. The team has been involved in several major deals; highlights included firm chair Robert Prichard and Michael Amm's advice to Canada National Railway on its $33.7bn acquisition of Kansas City Southern Railway. Though based primarily in Toronto, the team also benefits from the firm's top-tier energy transactional group in Calgary, a domestic offering in Montréal, and a strong New York office for cross-border transactional demands. Amm jointly leads the practice alongside Karrin Powys-Lybbe and John Emanoilidis. Emandoilidis is regarded for his broad M&A experience, while Powys-Lybbe leads on several key client relationships. Managing partner Matthew Cockburn offers advice to pension funds and private equity firms. In Calgary, Stephanie Stimpson stands out for her governance and ESG expertise, while Janan Paskaran is a key name for energy-sector work. Former corporate head Cornell Wright left the firm.

Canada > Dispute resolution

Torys has a robust dispute resolution offering and excels in high-stakes litigation across Canada, with specialist practitioners in financial services, product liability and IP. It has an established client base of heavyweight companies in the country, including Rogers Communications, Stronach Consulting and MGM Resorts International, all of which have sought the team’s assistance in major recent cases. In Ontario, the team is one of the market leaders and is jointly led by Gillian Dingle, who focuses on civil litigation in the areas of corporate and securities law, and Linda Plumpton, who has extensive experience leading in bet-the-company litigation for domestic clients. Sheila Block is a well-respected trial and appellate counsel with a broad civil litigation practice, and Patricia Jackson is another key name in class actions and corporate and commercial litigation. Sarah Whitmore was promoted to the partnership in January 2021 and is an increasingly important figure in the Toronto team. ‘Outstanding litigator' Sylvie Rodrigue heads the firm’s broad Quebec offering, which is going from strength to strength and has seen a recent increase in data privacy cases as well as matters tied to the pandemic. Christopher Richter has expertise in transnational disputes and matters of private international law, and senior associate Marie-Ève Gingras assists across a broad range of cases.

Energy and natural resources > Oil and gas Tier 1

Despite the challenges facing the oil and gas sector, Torys continues to be involved in market-leading transactions in the upstream, midstream and downstream segments. Recent market developments saw the team increasingly assist clients with strategies to alleviate balance sheets, rationalise assets and pay down debt. Standing out for its cross-border capabilities, the practice is often engaged by international oil and gas companies in relation to M&A, joint venture agreements, and project-related mandates, with a particular focus in Africa. Primarily focused on transactional work and project development, Derek Flaman manages the group, which is also skilled in regulatory matters, capital raisings and financings. Clients turn to Chris Christopher for advice on their commercial projects and asset deals relating to conventional, LNG, oil sands and shale projects. Both practitioners sit in the Calgary office.

Energy and natural resources > Power Tier 1

Combining strong underlying regulatory expertise and first-rate transactional skills, Torys‘s broad service offering covers all forms of power generation technologies, transmission and distribution of electricity. The practice, which is predominantly based in Toronto, acts for a myriad of clients, including developers, sponsors, investors, lenders, public authorities and First Nations, and excels in indigenous-led projects, nuclear matters and energy storage developments. Krista Hill has significant expertise in M&A and project development across conventional and renewable energy. She jointly heads the practice with Charles Keizer, who focuses on sector-related regulatory, contractual and financing matters. Renewable power project development and financing are key specialisms for Valerie Helbronner, while Jonathan Myers’ notable areas of practice include energy regulatory issues throughout the value chain.

Canada > Infrastructure projects Tier 1

Torys fields an integrated infrastructure practice across Canada and the US that is well placed to handle all aspects of project finance, procurement and development, as well as implement secondary market trades and refinancings. The group is routinely involved in precedent-setting work, having recently advised on first-of-their-kind broadband, energy storage, nuclear power, trade corridor and Indigenous-led projects. Mark Bain leads on PPP mandates, bringing together expertise in development, financing, procurement and construction issues. The project finance team is managed by Scott Kraag, who is noted for his track record in energy, mining and P3 project financings. Daniel Ford, who is routinely instructed by public sector clients, is a key contact for both complex development and financing issues. All named practitioners are based in Toronto.

Canada > Insurance Tier 1

Advising on a number of high-value transactional matters, the team at Torys counts among its clients key domestic and international insurers, insurtechs, and reinsurers. Recent highlights include co-head Blair Keefe advising intact on its C$12.3bn acquisition of RSA Insurance Group, and fellow co-head Jill McCutcheon assisting with Cigna’s $6.3bn sale of its life, accident and disability lines to New York Life. On the regulatory side, the team has a growing practice advising large-scale insurance groups on new lines of business and insurtech integration. The practice also acts in contentious cases, from contract interpretation and statutory concerns to matters heard before the Supreme Court of Canada. Other key names include Kelly Morris, who advises on insurance regulatory law with an emphasis on privacy and security, and associate Melissa Prado, who has a transactional focus. All named lawyers are based in Toronto.

Canada > Pensions Tier 1

Torys has a standout reputation advising clients on pension plan investments in Canada, with its team being highlighted for its ‘strong substantive knowledge and practical advice.’ The group advises major pension funds on both domestic and international investments, and it also provides complex strategic structuring advice. Mitch Frazer, who chairs the firm's pensions and employment department, has a broad practice covering all aspects of pensions work. Desribed by a client as 'fantastic to work with', Susan Nickerson is a leading figure in the national market, and is regularly sought out by governments and policy makers for advice on emerging pension rules and regulations. Scott Bell acts for clients such as CPP Investments, Ontario Teachers’ Pension Plan Board and Omers. Associate Tom Stevenson is another notable contact.

Canada > Banking and finance Tier 2

Torys offers a strong financial services practice, acting on behalf of both blue-chip corporate borrowers and Canadian lenders. One of the firm’s key strengths is its understanding of the national regulatory environment, and it has advised the Big Six Canadian banks on a number of matters including the bank recapitalization regime.  On the transactional side, the firm has extensive experience in leveraged transactions and acquisition financing, particularly those involving private equity. The team is primarily based out of Toronto, with Adam Delean and Amanda Balasubramanian co-heading the banking and debt finance group. Delean is known for his work with leveraged and structured financings, often leading on multibillion-dollar transactions with the Big Six banks, and Balasubramanian advises on corporate debt financings. On the regulatory side, Blair Keefe is regarded for his market-leading practice, which includes a number of high-value acquisitions. Tom Zverina is noted for his M&A and mining financing work, and Kevin Fougere has an active transactional practice based out of Calgary.

Canada > Cannabis Tier 2

Torys draws on 16 years of experience working with the cannabis industry, providing advice to banks, pension funds and blue-chip companies, as well as advising licensed producers. It offers significant M&A and capital markets expertise, advising on multiple consolidating acquisitions, IPOs and follow-on offerings. Much of this is thanks to the firm’s full-service New York office, which offers high-end cross-border advice. It also has a key focus on medical cannabis, where it covers both regulatory and transactional matters. Eileen McMahon and Cheryl Reicin jointly lead the team from Toronto, focusing on transactional and cannabis-related pharmaceutical issues, respectively. Teresa Reguly is also noteworthy for her IP, advertising and marketing work on behalf of cannabis growers, and Frazer House is known for his corporate law work.

Canada > Competition and antitrust Tier 2

Torys is known for providing high-end competition advice on complex transactions, and is also active in behavioural antitrust matters. An example of the team's merger control work includes Omar Wakil's role in advising TMX Group and AST, two of the three transfer agents in Canada, on their merger, which was unconditionally approved. The team also offers litigation experience, often acting for household name clients. Wakil jointly leads the team from Toronto alongside Dany Assaf, who is known for his high-value transactional advice, in particular relating to the energy industry. Linda Plumpton leads the litigation team, and stands out for her experience in class action cases, investigations and foreign investment reviews.

Energy and natural resources > Mining Tier 2

Torys is experienced in all manner of M&A and financing work on behalf of mining and metals clients in Canada and internationally. The team has a wealth of experience acting for issuers, underwriters and selling security holders in capital markets transactions involving mining companies of all sizes, and is increasingly engaged in market-leading M&A deals. Its royalty and streaming finance expertise is also noteworthy, as is its ability to marry expertise in Indigenous law and ESG matters and bring that knowledge to bear for mining companies and project stakeholders. Corporate finance and M&A are key specialisms for Michael Amm, who regularly advises on public company governance matters. He oversees the department with Michael Pickersgill, whose track record features joint venture agreements and offtake arrangements in the mining sector. Braden Jebson has a broad transactional practice and also assists clients with technical mining matters. All team members are based in Toronto.

Canada > Environment Tier 2

Torys offers the entire scope of environmental law services, covering both non-contentious matters and litigation. The group is especially well versed in handling the environmental aspects of commercial transactions and major project permitting, demonstrating particular strength in seeking environmental approvals for projects in the infrastructure, renewable and conventional energy sectors. ESG disclosures and climate change issues are growing areas of focus for the practice which is also engaged in the defense of environmental disputes throughout Canada. Dennis Mahony specialises in environmental approval processes and litigation. He leads the Toronto-based group that also includes climate change policy and regulation expert Tyson Dyck, who focuses on environmental issues arising from energy, mining and infrastructure projects. Michael Fortier also has a wealth of experience in these sectors, often advising on project-related environmental issues.  

Canada > Intellectual property Tier 2

The Toronto-based IP team at Torys concentrates on lifecycle management for its clients products, providing guidance on potential loss of market exclusivity and responding to IP disputes. One standout recent matter saw IP group chair Eileen McMahon and head of IP litigation Andrew Shaughnessy acting for Horizon Therapeutics in proceedings before the Patented Medicine Prices Review Board concerning allegations of excessive pricing. Andrew Bernstein has extensive litigation experience across all facets of IP, while on the transactional side, coordinator of the group, Edward Fan, is the key contact, honing his focus on the acquisition, exploitation and enforcement of IP. Teresa Reguly is particularly formidable in the biotechnology and medical device industries, and from a strong all-women pool of junior lawyers, counsels Nicole Mantini and Yolande Dufresne are particularly integral to the practice; the former due to her prominent reputation among North American and international pharmaceutical companies and the latter owing to her risk management and regulatory capabilities..  

Canada > Real estate and construction Tier 2

At Torys, the real estate team is well placed to advise across the entire spectrum of matters including acquisitions, dispositions and leasing transactions, large-scale development projects, financing and joint venture agreements. The practice, which acts for large real estate investors and developers across Canada, offers national coverage to a domestic and international client roster that also includes real estate companies, REITs and pension funds. Based in Toronto,  Sabrina Gherbaz, who focuses on real estate development, and Graham Rawlinson, who is noted for his transactional track record encompassing joint ventures, divestitures and financing in the retail, office and hospitality sectors, jointly lead the department. David Dell stands out for his experience of real estate joint ventures, REITs, lending and M&A involving commercial, office and mixed-use developments. Andy Gibbons, whose sectoral expertise covers real estate, infrastructure and energy projects, is noted for financing, development and transactional work.

Canada > Restructuring and insolvency Tier 2

Torys‘ restructuring and insolvency team is well-known for its strengths in the energy and natural resources industries. Illustrative of the firm's work in this space, David Bish led the advice to CIBC and an eight-bank lending syndicate on restructuring Bonavista Energy Corporation’s credit facilities and bond debt. Elsewhere, the group acts for debtors, court officers and creditors on matters with a nexus to the retail, pharmaceutical, consulting and cannabis sectors. Tony Demarinis, who leads the Toronto-based team, is known for his prominence in high-stakes restructurings. Bish heads up the corporate restructuring group, offering experience in bankruptcies, receiverships and liquidations. Kyle Kashuba in Calgary is another key name.

Canada > Tax Tier 2

Torys is a first port of call among clients such as financial institutions, pension funds and corporates. Its team is able to provide innovative solutions in the context of corporate, finance and capital markets transactions. In addition, it is skilled in providing tax controversy representation. In Toronto, Jerald Wortsman heads up the group, which includes Corrado Cardarelli, dispute resolution expert Martha MacDonald and Gwen Watson. Craig Maurice is a name to note in the Calgary office.

Canada > Technology Tier 2

Torys' IT practice has a standout reputation in the open banking and fintech space, where it demonstrates 'incredible local market knowledge'. Reflective of the firm's standing in the market, it acts for Payments Canada and a host of domestic banks on the development of the country's payments infrastructure. Other areas of expertise include public sector outsourcing and contracting, and tech innovation and implementation, where the team is becoming increasingly renowned in the healthcare sector. Joel Ramsey assists clients with a wide range of commercial IT matters, particularly in relation to outsourcing, fintech, cloud computing and payment systems. He jointly leads the group with Adam Armstrong, who is particularly noted for outsourcing transactions, software and hardware licensing. Ebad Rahman is recommended for his expertise in technology contracting, outsourcing and sponsorship arrangements, while senior associate Jessica Lumiere has played a key role developing and leading the contracting-as-a-service offering.

Canada > Indigenous law Tier 3

Torys is adept at advising clients on Indigenous-focused issues relating to large natural resources and infrastructure projects, corporate governance matters and transactions. The team handles all aspects of the fulfillment of the duty to consult, and is also equipped to assist with the negotiation of benefit agreements and construction contracts with indigenous participation. The latter is an area of particular focus for Valerie Helbronner, who oversees the Toronto-based practice with John Terry. Terry not only excels in public law cases involving treaty rights, but is also skilled at advising project developers and lenders on consultations with First Nations.

Canada > International expertise Tier 3

With broad industry sector experience, Torys is a popular choice for international companies seeking to do business in Canada. The firm has notable strength acting or clients in the mining, energy and infrastructure industries, and is able to provide strong cross-border corporate and capital markets service out of its New York office. David Chaikof serves as the managing partner in the New York office. Tara Mackay, who specialises in cross-border PPP matters, and Jared Fontaine, who has experience advising private equity firms, are also based in New York. Key domestic lawyers include mining sector expert Michael Amm and M&A lawyer John Emanoilidis, both in Toronto.

Canada > Public procurement Tier 3

Torys is well-positioned to represent public authorities, project proponents, lenders and equity investors participating in significant procurement and project mandates in the fields of high-speed internet, defence, and energy. A broad roster of public sector bodies routinely turn to the group for assistance with procurement process design, policy review and all associated documentation. Department head Philip Symmonds is a veteran practitioner in the public procurement space, while Thomas Yeo's far-reaching practice encompasses federal and provincial Crown corporations, agencies and municipalities. All named lawyers are based in Toronto.

Canada > International trade Tier 4

Torys handles a range of international trade services, being particularly notable for its anti-money laundering and corruption work. The team is at the head of a number of novel trade matters, including UK/Canada anti-corruption amnesty differences and advising on newly implemented sanctions. It also has a solid trade remedy practice, advising on CUSMA/WTO issues, and significant export control issues. John Terry leads the team, offering arbitration experience and litigation experience in provincial and federal courts. The team is based in Toronto.

Canada > Labour and employment Tier 4

Torys' team is experienced in acting for clients in employment litigation and investigations, as well as in an advisory and transactional capacity. Practice head Lisa Talbot has broad experience advising management and boards of directors on employment strategy and contentious workplace matters. She has notable expertise in defending workplace harassment claims and has been instrumental in growing the firm's employment class actions defence practice. Mitch Frazer chairs the wider employment and pensions group. Darryl Hiscocks and Jennifer Lennon are other key contacts in the team.