Capital markets Tier 1

A popular choice for prolific issuers, Torys’ stellar institutional relationships supply a steady stream of debt and equity mandates, with Brookfield and Fairfax Financial among its most high-profile repeat clients. On the underwriter side, the group regularly acts for leading Canadian and US investment banks. International work is another significant differentiator. Indeed, the team is consistently involved in multi-jurisdictional offerings, particularly deals with a US dimension where it can utilize its well-staffed New York office. Glen Johnson provides comprehensive advice on securities regulation and corporate finance matters. David Seville handles a mix of debt and equity transactions, with complementary expertise in private equity and regulatory finance issues. Michael Feldman is noted for his experience in debt capital markets, with a focus on structured finance and securitizations. Rima Ramchandani is recommended for her growing profile in cross-border capital markets deals; she recently paired up with Calgary-based corporate finance partner Janan Paskaran to advise Sundial Growers on its $143m cross-border IPO and listing on the Nasdaq. Also in Calgary, Scott Cochlan co-leads the national practice together with Seville and Ramchandani and advises issuers and underwriters on a range of domestic and cross-border offerings. Named lawyers are based in Toronto, unless otherwise stated.

Corporate and M&A Tier 1

Torys is distinguished by its longstanding relationships with some of the most active repeat acquirers in Canada, particularly private equity players such as Brookfield and pension funds including CPP Investments and Alberta Investment Management Corporation. Largely centred in Toronto, the national team also benefits from a leading transactional energy group in Calgary and a smaller corporate offering in Montréal. The firm consistently follows its key clients abroad and its prominent New York office provides invaluable corporate firepower in cross-border transactions. The firm also enjoys strong relationships with global corporate clients doing regular business in Canada. Firm managing partner Matthew Cockburn has an established record in corporate transactions, with a focus on advising private equity and pension funds. John Emanoilidis co-heads the M&A group and has broad experience in public and private M&A, private equity and corporate finance matters. Corporate chair Cornell Wright routinely acts for bidders, targets and shareholders on the full range of M&A deals; he recently paired up with Adrienne DiPaolo to act for Onex in its C$445m acquisition of Gluskin Sheff + Associates. Former New York managing partner Karrin Powys-Lybbe now co-heads the M&A department from Toronto and led on several substantial matters for Brookfield over the past year.

Infrastructure projects Tier 1

'Responsive, diligent and constructive', the team at Torys operates on both sides of the Canada-US border to plan, procure, finance and build major infrastructure projects. The practice group works closely with the firm's highly regarded power and oil and gas teams to advise on large-scale energy. A recent example of this linked-up approach saw the team advising Wataynikaneyap Power on various commercial, regulatory and strategic matters related to the development, financing and operation of the C$1.9bn Wataynikaneyap Transmission Project. PPP specialist Mark Bain jointly leads the practice group alongside Scott Kraag, who has considerable experience in the energy and mining sectors. Also recommended is Daniel Ford, who is increasingly active in public mandates in the rail and healthcare sectors. All are based in Toronto.

Insurance Tier 1

Acting as primary Canadian regulatory counsel to prominent insurers and reinsurers in Canada and globally, Torys is perhaps best known for its market-leading regulatory work, though the team also stands out for its strengths in transactional and contentious matters. Co-chair Jill McCutcheon is rated for her work in transactional matters, particularly for regulated financial institutions; and joint practice chair Blair Keefe focuses on corporate and regulatory issues. The team also handles a full range of insurance coverage disputes and a wide variety of reinsurance and business litigation. Senior counsel Kelly Morris is also recommended. All named lawyers are based in Toronto.

Oil and gas Tier 1

Torys' 'solution-oriented' oil and gas practice has extensive experience in large, complex transactions, a recent example of which saw the team acting for KKR in the establishment of the C$1.15bn Canadian midstream infrastructure platform, and in the platform’s subsequent C$600m acquisition of Meritage Midstream. Practice head Derek Flaman led on this, and has a strong practice focused on commercial law in the energy sector, with an emphasis on joint ventures and project development. Chris Christopher who is described as 'approachable and accommodating', is recommended for M&A work. Of late, the team has highlighted its strength in headline international transactions, having advised Africa Oil on its $3.75bn farmout agreement with Azinam Limited. The group also has a robust regulatory group, which provides a full range of advice to developers, owners, operators, lenders and equity investors.

Pensions Tier 1

Torys pension practice is best known for its expertise in pension fund investing, where it advises major pension funds both on domestic and international investments, and is also recommended for complex strategic structuring advice. Other key areas of work include transactional post-closing pension support, and a full range of plan drafting, opinions, governance structuring and maintenance. Mitch Frazer chairs the practice and is sought after for his expertise in pension administration. Susan Nickerson and associate Tom Stevenson are also noted. All lawyers are based in Toronto.

Power Tier 1

'Unmatched' in the words of one client, the team at Torys has expertise in all areas of electricity transmission and distribution, and power generation. The practice is also noted for its cross-border capabilities, particularly in transactions involving the US. Project finance continues to make up a large part of the department's workload, having recently been retained as project counsel to Wataynikaneyap Power to advise on the supply of clean power to residents in remote communities. Based in the firm's Toronto office, the practice is jointly led by M&A and project development specialist Krista Hill and administrative law expert Charles Keizer. Also recommended is Valerie Helbronner, who specializes in project development work. Jonathan Weisz retired in January 2020.

Banking and finance Tier 2

A top choice for borrowers in corporate finance deals, Torys is also a prominent name for lender-side work, where it regularly advises Canada’s ‘Big Six’ banks, as well as pension funds and, increasingly, private equity funds. On the transactional side, the group handles a raft of purely domestic and cross-border matters, with leveraged finance, acquisition finance and project finance all notable strong suits. The firm also houses one of the market’s most admired bank regulatory practices, which is regularly called upon by major financial institutions (including Canada’s three largest banks), insurance companies, securities dealers and trust and loan companies to advise on complex governance, product development and consumer law issues. Key names in Toronto include banking and debt finance co-head Adam Delean, who is recommended for his broad experience in corporate banking, leveraged finance and structured finance, both for lenders and borrowers. Amanda Balasubramanian co-heads the banking and debt finance department and acts for lenders and borrowers in domestic and multi-jurisdictional transactions. Up-and-coming partner Tom Zverina is also noted for his transactional expertise in Toronto. On the regulatory front, Blair Keefe is widely considered a market leader for advising financial institutions on corporate, finance and regulatory issues. In Calgary, Kevin Fougere is highly regarded for corporate lending and project finance, with an emphasis on energy-related matters. Jonathan Weisz recently retired.

Cannabis Tier 2

'Available almost 24/7 and able to execute immediately', Torys' cannabis practice is regularly involved in major joint ventures, M&A, and licensing and collaboration agreements, where it acts for blue-chip companies, start-ups and other licensed producers. Moreover, the firm leverages its New York office and US law experts in Toronto to capabilities the cross-border capabilities of its strong corporate and securities offering. The group also stands out for its expertise in regulatory matters related to the cannabis industry. Key figures in the Toronto office include life sciences head Cheryl Reicin and food and drug regulatory chair Eileen McMahon.

Competition and antitrust Tier 2

Torys has a track record of handling significant antitrust mandates. The team has advised NRG Energy on its acquisition of Direct Energy, with joint practice head Omar Wakil leading on the competition aspects of the transaction. In addition, the team has continued to be engaged in standalone merger reviews and also has strengths in competition disputes. Linda Plumpton is recommended here, chairing the firm's litigation group; she is particularly skilled in class action defences, investigations and foreign investment matters. Co-chair Dany Assaf advises international and domestic clients on all aspects of competition law and foreign investment matters, including national security reviews.

Environment Tier 2

The team at Torys is recognized by clients for its 'breadth of expertise'. Headed by Toronto-based Dennis Mahony, the environmental practice has strengths across a range of contentious and non-contentious matters, though it is perhaps best known for its contentious work, defending clients in major disputes in administrative, civil and regulatory proceedings across Canada. On the non-contentious front, the group is regularly instructed to advise on regulatory matters including climate change, and to obtain approvals on large scale infrastructure projects. Tyson Dyck and Michael Fortier are further key contacts in the team.

Intellectual property Tier 2

Based in the firm's Toronto office, the IP group at Torys has a very solid reputation in patent prosecution and IP litigation, with core strengths in the pharmaceuticals, agri-business, food and cosmetics sectors. Group lead Eileen McMahon specializes in patent law and patent strategy, as does partner Teresa Reguly. Edward Fan focuses on IP transactions, particularly in the technology sector. The group also fields a strong litigation team, with Andrew Bernstein and Andrew Shaughnessy noted for their work in pharmaceuticals-related patent disputes.

Real estate Tier 2

Torys advises owners, developers and lenders on projects across Canada, bringing together expertise in a variety of disciplines to provide full support on projects involving the financing and construction of large-scale multi-use real estate. In addition to finance and development, the team acts for some of the country's largest pension funds in real estate investment and acquisitions. The department is jointly led by Toronto-based Sabrina Gherbaz and Graham Rawlinson. Other names to note include senior partner David Dell, who is highly regarded for his transactional experience, and Andy Gibbons, who has experience of a variety of commercial real estate matters, as well as land and real estate issues involving infrastructure and energy projects. Senior counsel Andrew Bedford in Calgary is also recommended.

Restructuring and insolvency Tier 2

Torys has a strong national presence, but is particularly strong in the Calgary market, where it generates a significant amount of work in the oil and gas space, working closely alongside the firm's top-tier oil and gas practice. Acting for a wide range of core parties, including debtors, court officers and creditors, the team is also active outside of the oil and gas space, boasting the ability to bring in 'the right resources from the firm to think through complex issues'. Tony Demarinis leads the national team from Toronto, and is recognized for his work in the high-end restructuring and insolvency field. Also recommended is David Bish, who leads the corporate restructuring practice and focuses on bankruptcies, insolvencies, receiverships and restructurings.

Tax Tier 2

'Combining top tax technical knowledge with top-notch legal work', Torys' tax team works closely with the firm's premier corporate group to assist financial institutions, pension funds and companies with a wide range of transactional matters. The team also stands out for its ability to handle complex international deals, with a strong track record of transactions involving parties in Europe, Asia, Australia and South America. Practice head Jerald Wortsman specializes in domestic and international corporate tax planning and is recognized by clients for his 'vast tax experience'. Also recommended is Corrado Cardarelli, who maintains a broad corporate tax practice covering M&A, private funds, tax-exempt investments and structured financial products.

Technology Tier 2

Torys stands out for its expertise in fintech and financial services work, particularly in the payments space. Areas of core strength include outsourcing and contracting work in the public sector, and cross-border technology deals involving the US. The team is jointly led by payments and fintech specialist Joel Ramsey and Adam Armstrong, who handles outsourcing transactions, software and hardware licensing, with expertise in blockchain, fintech and cloud computing. Also recommended is counsel Ebad Rahman. Named lawyers are based in Toronto.

Indigenous law Tier 3

The Toronto-based Indigenous law group at Torys is integral the firm's ability  to provide comprehensive legal service on transformative natural resources transactions and infrastructure projects, where the practice group regularly advises on Aboriginal consultation. The firm also handles commercial disputes, acting both for Indigenous groups and non-Indigenous companies. Power and projects expert Valerie Helbronner co-chairs the team with John Terry, who advises on the duty to consult and corporate social responsibility issues.

International expertise Tier 3

Torys is regularly involved in cross-border and multi-jurisdictional transactional and project development work. Its New York office provides a platform for US-Canada M&A transactions, in addition to working with US investors and Canadian businesses on private equity, corporate financing, and regulatory elements. Tara Mackay divides her time between New York and Toronto, and specializes in project financing work, advising on major infrastructure transactions across Canada and the US. The firm also regularly advises Asia-based clients on setting up operations in Canada, and partnerships with Canadian firms. New York's David Chaikof a standout name in this regard. In Latin America and Africa, the focus is on natural resources and mining work, where key figures include Toronto's Michael Amm. Amm and fellow team members have extensive experience advising Canadian and US investment banks and private equity funds on financing large-scale minerals transactions and projects.

Mining Tier 3

The 'practical and commercial' team at Torys has continued to increase its activity in mining M&A, a recent example of which was its advice to Pala Investments on the C$511m acquisition of Cobalt 27. The department continues to undertake a significant amount of capital markets work, and also has a thriving royalty and streaming finance practice. It also has experience structuring and negotiating sophisticated joint ventures and and representing clients in international arbitration claims regarding mining rights and international investments. Michael Amm and Michael Pickersgill ('efficient, calm and collected') jointly lead the group from Toronto.

Public procurement Tier 3

Torys 'provides dynamic, thoroughly reasoned and strategic support to its clients in challenging environments'. The procurement team has a particularly strong reputation for advising government clients, with noted expertise in the areas of defence, healthcare and life sciences, telecoms, transportation and energy. The group is also becoming increasingly active in the procurement of large technology projects. Corporate and commercial lawyer Thomas Yeo jointly heads the team from Toronto with infrastructure and energy specialist Philip Symmonds.

International trade Tier 4

Torys is best known in this area for its record in trade and investment disputes and international arbitration. The practice group is led by Toronto-based senior litigation and arbitration counsel John Terry, who leads the practice from Toronto, who focuses on international commercial and investment arbitration, and international business and public law. The team has also advised clients on various NAFTA and WTO issues, anti-corruption and AML, sanctions compliance, and export control issues.

Labour and employment Tier 4

Led by Lisa Talbot, the employment team at Torys represents well-known domestic and multinational corporate clients in employment disputes and class actions across the country. In addition to its litigation and internal investigations work, the team also advises on the hiring and firing of executives, executive compensation matters and human rights issues. It also supports the firm's corporate transactional work. The wider pensions and employment practice is chaired by Mitch Frazer.

Dispute resolution

Torys’ dispute resolution group is active in high-stakes litigation across the country, with a leading class action practice complemented by specialist offerings in financial services, product liability and IP. The firm’s position in the Ontario market is particularly commanding, but it also fields an increasingly prominent team in Montréal. Toronto-based litigator Sheila Block has built a standout record in precedent-setting cases and successfully represented Ontario First Nations Limited Partnership (a partnership of 132 of the 133 First Nations in Ontario) in arbitration brought against the Province of Ontario and the Ontario Lottery and Gaming Corporation concerning breaches of a gaming revenue sharing agreement. Other senior experts in Toronto include Patricia Jackson, who is a premier name for class actions, and department chair Linda Plumpton. Also in Toronto are Gillian Dingle, who coordinates the department, and senior associate Sarah Whitmore. Christopher Richter and counsel Geneviève Bertrand are recommended in Montréal.