Seven Sisters (law firms)

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The Seven Sisters refers to a historical collection of seven law firms with offices across Canada, the majority of which have head offices in Toronto, Ontario. [1]

Contents

History

The term "Seven Sisters" was originally coined by John Alexander Black, founder of Lexpert Magazine (previously owned by Thomson Reuters and now owned by Key Media [2] ). At the time, the Seven Sisters dominated the Canadian M&A legal advisory rankings. However, by 2006, Black stated "the moniker may have run its course and that some people argue the Seven have shrunk to two or possibly three." [3] Later that year, The Globe and Mail reported the Seven Sisters term was no longer valid, explaining that "as the Canadian pool of major companies boils down to a thin concentrate, the upper legal tier has also shrunk." It noted that "most observers agree the reigning top players are McCarthy Tetrault LLP, Stikeman Elliott LLP, Osler Hoskin & Harcourt LLP and Blake Cassels & Graydon LLP." [4] In 2014, National Post reported "the Chambers Global rankings for Canadian law firms confirm that it's time to retire the notion that "Seven Sisters" dominate Canadian law firms." [5] As of 2022, only five of the original seven have become national law firms in Canada – the aforementioned four plus Torys LLP.

In 2015, The Globe and Mail reported that the market had changed markedly from the early 2000s: "Elite U.S. legal shops blanket the top 25 firms for M&A, taking 13 of the top spots on the chart." [6] According to Bloomberg (FY 2021), the top 10 legal advisors by volume for M&A transactions with any Canadian involvement were Osler (TO), Davies (TO), Sullivan & Cromwell (NY), Wachtell Lipton (NY), Blakes (TO), Latham & Watkins (LA), White & Case (NY), Kirkland & Ellis (CHI), Torys (TO), and Freshfields (LON), signalling the integration of Canada into the larger North American and international market. [7] The same Bloomberg (FY 2021) report shows the top 10 M&A legal advisors by deal count in Canada consisting of Fasken, Gowling WLG, Blakes, Osler, Stikeman, McCarthy, Davies, Cassels, Brock & Blackwell, Kirkland & Ellis, and Miller Thomson. [7]

The 'club of nine' was a similar term used in the UK until it was replaced by the Magic Circle.

Membership

In alphabetical order, the historical Seven Sisters included: Blakes, Davies, Goodmans, McCarthy, Osler, Stikeman, and Torys.

The American Lawyer Global 200

The American Lawyer 2022 Global 200, first published in 2018, included a total of eight Canadian law firms, excluding Gowling WLG which operates as two separate partnerships across the Atlantic. [8] [9] [10]

Canada RankGlobal RankNameRevenue (US$)Revenue per Lawyer (RPL, US$)Number of LawyersProfit per Equity Partner (PPP, US$)Number of Equity PartnersLeverageHeadquartersNumber of officesYear established
189 Blakes 669,240,0001,073,000624921,000279N/A Toronto, ON 71856
2101 McCarthy 582,300,000880,000662N/AN/AN/A Toronto, ON 71855
3106 Osler 534,979,1001,043,000513N/AN/AN/A Toronto, ON 61862
4109 Fasken 519,300,000624,000832N/AN/AN/A Toronto, ON 102000 merger
5123 BLG 474,120,000637,000744N/AN/AN/A Toronto, ON 52000 merger
6143 Bennett Jones 388,815,000847,000459N/AN/AN/A Calgary, AB and Toronto, ON 71922
7151 Stikeman 363,537,800772,000471N/AN/AN/A Toronto, ON 81952
8182 Miller Thomson 290,433,000589,000493N/AN/AN/A Toronto, ON 111957

Canada's Largest Law Firms

Lexpert Magazine publishes a yearly list of The 30 Largest Law Firms in Canada ranked by total number of lawyers. [11]

RankNameTotal Number of LawyersTorontoOttawaMontréalVancouverCalgaryEdmontonQuébec CityOther Cities
1 BLG 79528883155135134---
2 Fasken 7802582923414948-557 Surrey, BC
3 McCarthy 714350-1678780-30
4 Gowling WLG 698179187866790--38 Hamilton, ON; 51 Waterloo, ON
5 Blakes 652346784106109---
6 Norton Rose Fulbright 6401574516596116-61
7 Dentons 58016433997710899--
8 Miller Thomson 528171-73634254-16 Guelph, ON; 16 London, ON; 31 Vaughan, ON; 31 Waterloo, ON; 21 Regina, SK; 10 Saskatoon, SK
9 Osler 48528833643268---
10 Stikeman 47221891494155---

See also

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References

  1. Hasselback, Drew (28 March 2014). "Drew Hasselback: 'Seven sisters' no longer rule the Bay Street roost". Financial Post. Postmedia. Retrieved 4 August 2017.
  2. "Key Media – Leading Global b2b Media Company". www.keymedia.com. Retrieved 2022-12-20.
  3. "Clouds darken legal horizon, Black warns". The Globe and Mail.
  4. "The law page". The Globe and Mail.
  5. "Drew Hasselback: 'Seven sisters' no longer rule the Bay Street roost". financialpost. Retrieved 2022-12-20.
  6. "Foreign law firms, banks moving up Canadian M&A ranks". The Globe and Mail.
  7. 1 2 "Bloomberg Global M&A Legal Rankings 2021" (PDF).
  8. "The 2022 Global 200 Ranked by Revenue". The American Lawyer.
  9. "The 2022 Global 100 Ranked by Profits Per Equity Partner". Law.com International. Retrieved 2022-12-20.
  10. "About the Structure of Gowling WLG". Gowling WLG.
  11. "Canada's Largest Law Firms | Lexpert". www.lexpert.ca. Retrieved 2022-12-20.