October 31, 2012
The slow summer months can make the third quarter a tough period, but Canadian legal firms saw quite a spike of activity in September.
Deal flow was down year over year, but deal values rose significantly. Some 37 firms represented issuers on 115 debt and equity deals that raised a total of $24-billion in public markets in the third quarter, compared with the 50 firms that worked on 123 deals worth a combined $17.4-billion in the same period last year.
The question for firms is whether the third-quarter momentum will continue for the balance of the year. We’re already one month into the final quarter, and it looks like the September surge has slowed.
"It does seem that the market is softer," says Karrin Powys-Lybbe, co-head of the corporate and capital markets practice at Torys. The firm placed first in our ranking of underwriter advisors on equity deals. "It’s a little early to tell. We may get a rebound before the year end."
Read the full article here.