One large reason Heenan Blaikie LLP could not survive is evident from a quick look at the law firm’s position in the ranks of dealmakers: So small it doesn’t make the top 25.
Yes, the deal activity was down. But Heenan was not even getting much of what there was.
The top law firms for mergers work in this country last year were Torys LLP at No. 1, followed by Davies Ward Phillips & Vineberg LLP and Osler Hoskin & Harcourt LLP. Nine other Canadian firms made the top 25.