Seven_Sisters_(law_firms)
Seven Sisters (law firms)
Canadian group of large law firms
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]
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Seven have shrunk to two or possibly three."[3] Later that year, The Globe and Mail reported the Seven Sisters term was no longer valid, explaining that "as the Canadian pool of major companies boils down to a thin concentrate, the upper legal tier has also shrunk."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.
In alphabetical order, the historical Seven Sisters included: Blakes, Davies, Goodmans, McCarthy, Osler, Stikeman, and Torys.
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 Rank | Global Rank | Name | Revenue (US$) | Revenue per Lawyer (RPL, US$) | Number of Lawyers | Profit per Equity Partner (PPP, US$) | Number of Equity Partners | Leverage | Headquarters | Number of offices | Year established |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 89 | Blakes | 669,240,000 | 1,073,000 | 624 | 921,000 | 279 | N/A | Toronto, ON | 7 | 1856 |
| 2 | 101 | McCarthy | 582,300,000 | 880,000 | 662 | N/A | N/A | N/A | Toronto, ON | 7 | 1855 |
| 3 | 106 | Osler | 534,979,100 | 1,043,000 | 513 | N/A | N/A | N/A | Toronto, ON | 6 | 1862 |
| 4 | 109 | Fasken | 519,300,000 | 624,000 | 832 | N/A | N/A | N/A | Toronto, ON | 10 | 2000 merger |
| 5 | 123 | BLG | 474,120,000 | 637,000 | 744 | N/A | N/A | N/A | Toronto, ON | 5 | 2000 merger |
| 6 | 143 | Bennett Jones | 388,815,000 | 847,000 | 459 | N/A | N/A | N/A | Calgary, AB and Toronto, ON | 7 | 1922 |
| 7 | 151 | Stikeman | 363,537,800 | 772,000 | 471 | N/A | N/A | N/A | Toronto, ON | 8 | 1952 |
| 8 | 182 | Miller Thomson | 290,433,000 | 589,000 | 493 | N/A | N/A | N/A | Toronto, ON | 11 | 1957 |
Lexpert Magazine publishes a yearly list of The 30 Largest Law Firms in Canada ranked by total number of lawyers.[11]
| Rank | Name | Total Number of Lawyers | Toronto | Ottawa | Montréal | Vancouver | Calgary | Edmonton | Québec City | Other Cities |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BLG | 795 | 288 | 83 | 155 | 135 | 134 | - | - | - |
| 2 | Fasken | 780 | 258 | 29 | 234 | 149 | 48 | - | 55 | 7 Surrey, BC |
| 3 | McCarthy | 714 | 350 | - | 167 | 87 | 80 | - | 30 | |
| 4 | Gowling WLG | 698 | 179 | 187 | 86 | 67 | 90 | - | - | 38 Hamilton, ON; 51 Waterloo, ON |
| 5 | Blakes | 652 | 346 | 7 | 84 | 106 | 109 | - | - | - |
| 6 | Norton Rose Fulbright | 640 | 157 | 45 | 165 | 96 | 116 | - | 61 | |
| 7 | Dentons | 580 | 164 | 33 | 99 | 77 | 108 | 99 | - | - |
| 8 | Miller Thomson | 528 | 171 | - | 73 | 63 | 42 | 54 | - | 16 Guelph, ON; 16 London, ON; 31 Vaughan, ON; 31 Waterloo, ON; 21 Regina, SK; 10 Saskatoon, SK |
| 9 | Osler | 485 | 288 | 33 | 64 | 32 | 68 | - | - | - |
| 10 | Stikeman | 472 | 218 | 9 | 149 | 41 | 55 | - | - | - |
- Magic Circle (law)
- Silver Circle (law)
- White shoe firm
- Big Six law firms
- Red Circle (law)
- Big Four law firms (Japan)
- Évolution des cabinets d'avocats et de leur organisation au Canada
- Hasselback, Drew (28 March 2014). "Drew Hasselback: 'Seven sisters' no longer rule the Bay Street roost". Financial Post. Postmedia. Retrieved 4 August 2017.
- "Key Media – Leading Global b2b Media Company". www.keymedia.com. Retrieved 2022-12-20.
- "Clouds darken legal horizon, Black warns". The Globe and Mail.
- "The law page". The Globe and Mail.
- "Drew Hasselback: 'Seven sisters' no longer rule the Bay Street roost". financialpost. Retrieved 2022-12-20.
- "Foreign law firms, banks moving up Canadian M&A ranks". The Globe and Mail.
- "The 2022 Global 200 Ranked by Revenue". The American Lawyer.
- "The 2022 Global 100 Ranked by Profits Per Equity Partner". Law.com International. Retrieved 2022-12-20.
- "About the Structure of Gowling WLG". Gowling WLG.
- "Canada's Largest Law Firms | Lexpert". www.lexpert.ca. Retrieved 2022-12-20.