In January 2025, Lawson Lundell LLP boosted its Vancouver-based banking and finance team with the hire of banking and debt finance partner, Edward Wang, who joined from Borden Ladner Gervais LLP.

Striking a balance between regulatory and transactional work, Blake, Cassels & Graydon LLP’s banking and finance team stands out for its deep bench and ability to cover all key pillars of the industry. Among the names to note, Paul Belanger is recognized as a leading light for financial regulation, where he is sought after by Canada’s ‘Big Five’ banks alongside major global institutions, insurance companies, and other financial services providers. Belanger is acting alongside rising regulatory specialist, Vladimir Shatiryan, to advise Royal Bank of Canada (RBC) on the regulatory aspects of its C$13.5bn acquisition of HSBC Bank Canada. The regulatory group also includes experienced expert Jacqueline Shinfield; regulatory department lead Bonny Murray, who is noted for her close relationships with US banks operating in Canada; and next-generation partner Mena Bellofiore, who focuses on consumer protection issues in the financial services sphere. Michael Matheson steers the transactional practice and recently advised the Bank of Montreal-led lending syndicate on a $450m credit facility to support Birch Hill Equity Partners’ acquisition of Parklawn Funeral Homes. Other recommended transactional names include Simon Finch, who contributes expertise in representing both lenders and borrowers; Calgary-based Michael McIntosh KC, who is a go-to for big-ticket energy and natural resources financings; and Calgary’s Andrew Kolody, who also brings extensive energy-related experience. Named lawyers are based in Toronto unless otherwise stated.

From its extensive network of offices across Canada and beyond, McCarthy Tétrault’s banking and finance group advises on the full spectrum of financial services matters, including high-stakes litigation. On the transactional side, Toronto-based Richard Higa is a key contact; he advises Canadian and foreign lenders as well as major corporate borrowers on cross-border financings, acquisition finance, and asset-based lending, among other areas. Additional key figures in Toronto include Justin Lapedus, co-leader of the financial services department, who is recognized for his lender-side expertise; Gordon Baird, who represents lenders and borrowers on financings, with a focus on power and infrastructure; and Ian Mak, who brings a significant private equity dimension to his practice. In Montreal, seasoned counsel Michel Deschamps specializes in corporate lending while also handling regulatory work. Structured finance and securitization partners Marc MacMullin (Toronto) and François Gilbert (Montreal) are also recommended. Toronto-based litigator Christine Lonsdale co-heads the financial services group and is noted for contentious regulatory work. Toronto’s Hartley Lefton, head of the national insurance and reinsurance section, is also a regulatory specialist. During 2024/25, the regulatory team was bolstered by three hires: in May 2024, senior counsel Sandra Mollet and counsel Vanessa Johnson joined in Vancouver from Central 1, while in August 2024 senior associate Cindy Zhang joined in Toronto from Borden Ladner Gervais LLP.

A destination practice for both borrowers and lenders, Davies Ward Phillips & Vineberg LLP’s banking and finance offering is distinguished by its ability to resource large-scale, event-driven transactions. The firm’s close relationships with major private equity players ensures it is a popular choice for complex acquisition financings, while it also routinely represents leading Canadian and global banks on marquee mandates. Key names in Toronto include Joel Scoler, who is widely acclaimed for his lender-side firepower — he is primarily recognized for his work on behalf of Canada's ‘Big Six’ banks, among other financial institutions. Derek Vesey advises both borrowers and lenders on a comprehensive range of syndicated lending, leveraged finance, structured finance, and project finance deals. Scott Hyman is highly regarded for his borrower-side practice, where he acts for an impressive roster of corporate — particularly mining — clients and private equity funds. Additional names in Toronto include Jennifer Prieto, who led on a string of finance deals during 2024/25; next-generation partner Peter Martorelli; and counsel Hugh McKee, who divides his time between Toronto and New York. In Montreal, corporate and finance specialist Dan Wolfensohn leverages a strong track record in advising US sponsors, and their portfolio companies, on complex financings. Former department co-head Carol Pennycook retired in January 2025.

The banking and finance practice at Fasken fields ‘one of the deepest benches of partners and associate talent across Canada’, according to some. Well weighted between transactional and regulatory work, the team enjoys close ties with major lenders, including leading Canadian and international banks. The group also maintains longstanding relationships with corporate borrowers, particularly in the mining space which stands as a signature firm strength. In Toronto, department co-lead David Johnson is a key contact for lender-side matters; he recently advised Scotiabank, as administrative agent, and a syndicate of six lenders on a $550m credit facility to Crombie Limited Partnership. Additionally recommended in Toronto are fellow lender-side specialist Thomas Meagher, highlighted for his ‘knowledge and expertise of the mining sector’; department co-head Dev Singh, who focuses on leveraged buyouts, acquisitions, and restructurings for sponsors and financial institutions; David Ferris, who brings strong lender-side expertise; and Daniel Conrad, who acts for both lenders and borrowers. Other notable transactional partners include Montreal-based national co-head Angela Onesi, who contributes extensive experience in energy and infrastructure finance; Vancouver-based Andrew Jackson; and Calgary’s Scott Sangster. On the regulatory side, Toronto-based financial services co-lead Koker Christensen is widely recognized as a leader in his field. Nicolas Faucher co-heads the financial services team from Montreal.

Valued for its ‘deep bench across Canada’, Norton Rose Fulbright’s banking and finance practice benefits from strong platforms in all of the country’s key business hubs. In Alberta, Rick Borden is highlighted by some as ‘the best banking lawyer in Calgary’; he is particularly recognized for his record in energy-related financings. Other key contacts in Calgary include Marlow Gereluk, who is dual qualified in England and Alberta, and recently promoted partner Joe Mooney, who is ‘great on complicated files’. A strong bench in Montreal draws on David Lemieux, who recently advised Sumitomo Mitsui Banking and a syndicate of lenders on a C$538m project financing; Arnold Cohen, co-head of the asset-backed lending team; Peter Wiazowski, who focuses on cross-border banking and debt capital markets transactions; and Michèle Friel, whose practice spans corporate finance, financial services and general banking law. In Toronto, asset-backed lending co-chair David Amato and financial services and regulation head Tim Stewart are also names to note.

Stikeman Elliott LLP’s transactional banking and finance practice excels in borrower-side mandates, leveraging the firm’s premier corporate client base to advise on syndicated lending, acquisition finance, project finance, and asset-backed lending, among other areas. It also acts for financial institutions and alternative lenders on financing deals. Jennifer Legge heads the banking and finance group in Toronto and specializes in corporate lending, project finance, restructuring and private equity. Also in Toronto, Craig Mitchell maintains a broad practice spanning banking, restructuring and private equity matters; Daphne MacKenzie is widely regarded as a go-to expert for mining finance; and Victoria Zaric is a leading associate. In Montreal, Howard Rosenoff brings a strong record in representing both lenders and borrowers, while Serge Levy — who heads the debt financing and projects and infrastructure groups in Montreal — handles a mix of regulatory and transactional work. Toronto-based Meaghan Obee Tower is the key contact for financial services regulation and recently advised HSBC Holdings on the regulatory aspects of the C$13.5bn sale of its Canadian business to Royal Bank of Canada.

Lauded by clients as ‘a team of experts’, Torys’ banking and finance group handles a diverse mix of transactional and regulatory work and maintains strong links with banks, financial services companies and corporate lenders. The department notably houses one of the strongest regulatory offerings in the market under high-profile expert Blair Keefe, who co-heads the financial services, bank regulatory and insurance regulatory areas. The deep regulatory bench also draws on financial services co-head Jill McCutcheon; senior counsel Brigitte Goulard, who co-heads the fintech unit; senior counsel Peter Aziz, who focuses on regulatory compliance in the financial services and payments industry; and Eli Monas, who specializes in corporate law and regulatory issues relating to financial institutions. On the transactional side, banking and debt finance co-head Adam Delean is recommended for his work for both borrowers and lenders, and he recently advised the lending syndicate, arranged by Royal Bank of Canada, on credit facilities to support the acquisition by Rona and Sycamore Partners Management of All-Fab Group. Other transactional specialists include banking co-lead Amanda Balasubramanian; Calgary-based Kevin Fougere, who brings expertise in energy financings; Tom Zverina, who handled a string of mining-related financings during 2024/25; and Calgary-based associate Tyrel Henderson. Named lawyers are based in Toronto unless otherwise stated.

Arguably best known for its record in advising borrowers in the energy and infrastructure spheres, Bennett Jones LLP’s banking and finance practice continues to consolidate its lender-side offering. The group acts for a broad base of domestic and international banks, financial services companies and alternative lenders on large-scale financings, including its recent representation of Ares Capital and Golub Capital, as joint lead arrangers, on amendments to the C$650m syndicated credit facilities provided to People Corporation. The department is co-led by transactional specialists Karen Dawson and Simon Grant, who sit in Calgary and Toronto respectively. Other key contacts include Mark Rasile (Toronto), who led the People financing; asset-based finance specialist Patrick Brennan (Calgary); and next-generation partner David Rotchtin (Toronto). In December 2024, John Teolis joined McMillan LLP.

Benefitting from a sizeable national platform, Borden Ladner Gervais LLP’s banking and finance group draws on more than 65 lawyers across five Canadian offices. Combining a robust transactional practice with a prominent regulatory offering, the team is equipped to advise on the full suite of corporate lending, structured finance and regulatory compliance. In Toronto, Gus Karantzoulis is a key contact for financings, while regulatory lead Stephen Redican specializes in fintech, payment systems and financial institution regulation. Up-and-coming regulatory partner Suhuyini Abudulai is also recommended in Toronto. A strong team in Montreal includes national financial services head Claudine Millette, who is noted for her relationship with Bank of Montreal. Also in Montreal, Olivier Tardif and regional managing partner Vincent Frenette are recognized for their experience in finance transactions.

Praised for its ‘broad market knowledge and insight’, Goodmans LLP’s eight-partner banking and finance practice advises banks, alternative lenders — including private equity funds — and corporate borrowers on a wide range of finance transactions. The Toronto-based team is led by David Nadler, who represents both lenders and borrowers on domestic and cross-border lending. Also highly regarded are Michael Bertrand, whose increasingly prominent lender-side practice spans mandates for major Canadian and foreign banks as well as alternative lenders; Celia Rhea, noted for her combination of corporate and finance expertise; Jeffrey Citron, whose work covers banking and finance, hospitality, and sports law; and business law co-chair Dan Dedic. Up-and-coming names include next-generation partners Karen Vadasz and Kyle Gerow, as well as associate Waseem Jarjis.

Cassels’s increasingly diverse banking and finance practice is recognized for its expertise in mine finance, asset-backed financings, and alternative lending transactions. From Toronto, Charles Newman co-chairs the national group and advises lenders and borrowers on the full spectrum of domestic and cross-border financings. Also in Toronto are financial services chair Charles Rich; deputy managing partner Jennifer Wasylyk, who focuses on mine finance; and partners Marc Mercier, Alison Manzer and Jason Arbuck. In Calgary, key contacts include department co-head Bria Fallen and energy and finance partner David Kolesar. David Budd, who divides his time between Vancouver and Toronto, is also recommended.

Dentons’ banking and finance group ‘comes to the table with smart, executable ideas’, according to clients. Distinguished by its extensive global platform, the team is noted for its record in cross-border — particularly US-related — financings. The national department is co-led by Toronto-based Ryan Middleton, who continues to develop a robust lender-side practice; and Edmonton’s Robert de Guzman, whose work intersects banking and corporate matters. Other recommended practitioners in Toronto include financial institutions head Heidi Clark, Toronto banking lead Michael Henriques, Radha Khosla, Dennis Wiebe and senior associate Simone Nash. In Montreal, the group further draws on local department head Joel Cabelli and Marie-Josée Couture.

McMillan LLP’s financial services group is weighted towards representing domestic and international financial institutions across the full life cycle of matters, from establishing operations through to complex lending transactions. The department is led jointly by Ottawa-based Darcy Ammerman, whose work spans both financial regulation and transactions, and Toronto’s Jeffrey Rogers, who is widely recognized as a market leader for his formidable lender-side practice. The sizeable national team also includes Toronto partners Steve Lutz, who specializes in asset-based and syndicated lending transactions, and Don Waters, who handles debt finance and structured finance — it additionally draws on platforms in Calgary, Montreal and Vancouver.

Toronto-based Aird & Berlis LLP houses a ‘very responsive, and very practical’ banking and finance group. The practice is co-led by Aaron Collins, who specializes in finance and restructuring transactions, with notable experience in representing lenders; and Jacqueline Goslett, who advises lenders and borrowers on corporate finance matters. Managing partner Jill Fraser is also recommended, along with Kyle Plunkett and John Munnis, who joined from Cassels in September 2024.

Gowling WLG leverages experience in representing domestic and foreign banks, non-traditional and speciality lenders and large corporations on financings. Toronto-based Christopher Alam heads the national lending practice and handles lending transactions, project finance, and restructurings. Also recommended are Elizabeth Burton, who leads the group in Calgary; Toronto-based Robert Farmer, who contributes ‘deep understanding of all types of real estate finance’; and Toronto partners Kelby Carter and Lisa MacDonnell.

Quebec-based BCF Business Law stands out for its unique approach to banking and corporate finance work, with the Quebec City team mainly supporting lenders and the Montreal practice primarily focused on borrower-side transactions. Montreal-based Martin Sills heads the department and advised on a steady stream of financings during 2024/25.

From Calgary, Burnet, Duckworth & Palmer LLP is primarily active in representing lenders and borrowers in energy and natural resources-related financings. Department head Kathy Pybus is recognized as a go-to finance specialist in Alberta and heads a team that includes Nancy Smith, who handled several large-scale financings during 2024/25. Simina Ionescu-Mocanu and Nicole Chorley are also recommended.

The ‘experienced, pragmatic and responsive’ banking and finance practice at Miller Thomson is distinguished by its broad national platform, which draws on ten offices across the country. Calgary-based Michael Morcom spearheads the group and acts for lenders and borrowers on financings involving the real estate, aviation, and agriculture industries, among others.