The booming business in income trust conversions tells much of the story behind Bloomberg's first-annual ranking of legal advisers to Canadian equity offerings in 2005.
As counsel to income funds, Torys shepherded 11 deals worth C$1.59 billion. As underwriters' counsel, Torys handled 20 offerings valued at C$1.55 billion.
Torys stood out particularly for its involvement in many of 2005's biggest and most prominent initial public offerings. The firm guided companies through such spinoffs as fertilizer distributor Royster-Clark and Primary Energy Recycling Corporation, two of the top five trust IPOs of the year.
Many attribute law firms' successes in advising on equity issues to their long-standing relationships with corporate clients and investment banks. Underwriters and lawyers must conduct exhaustive due diligence to ensure that corporate information published in prospectuses is fully and accurately disclosed.
There is more to it, says Patricia Koval. The best legal advisers are those who “can really get inside a company to understand it and really help the company tell its story.”