Canada is home to a vibrant legal sector with the most prestigious law firms on Bay Street in Toronto. Specifically, many refer to these notable firms as “Bay Street law firms”, which are most certainly in the top 10 law firms in Canada. It is often that this term is used interchangeably with “seven sisters law firms”. The firms are:
- Blake, Cassels & Graydon LLP;
- Davies Ward Phillips & Vineberg; LLP
- Goodmans LLP;
- McCarthy Tétrault LLP;
- Osler, Hoskin & Harcourt LLP;
- Stikeman Elliott LLP; and
- Torys LLP.
Relevance of Bay Street Law Firms
In the Canadian legal sphere, some prefer to stay away from “labelling” firms as Bay Street firms. This is largely due to the fact that from the time when the term was originated Canada’s legal market has changed dramatically. Specifically, Toronto is home to a wide variety of large international firms that have been dominating some parts of the market.
Nonetheless, some may say that law firms on Bay Street have just grown in number and there are just more than the original seven leading firms.
Expansion of Bay Street Law Firms
Because of the growth of the Canadian legal market, some notable firms can be considered as part of the prestigious group, such as:
- Borden Ladner Gervais LLP;
- Gowling WLG;
- Fasken LLP;
- Norton Rose Fulbright LLP; and
- Blake, Cassels & Graydon LLP.
Bay Street Law Firms Salary
Articling Student Salary
These firms have one of the highest salaries amongst in Canada for articling students. Here is a general breakdown of their articling salaries.
Average Associate Salary
Firms in downtown Toronto tend to have very high salaries, but Bay Street law firms usually offer the highest levels of remuneration.
Firm Articling Student Salary (annual) Blake, Cassels & Graydon LLP $88,400 Davies Ward Phillips & Vineberg LLP $117,000 Goodmans LLP $88,400 McCarthy Tétrault LLP $98,800 Osler, Hoskin & Harcourt LLP $88,400 Stikeman Elliott LLP $88,400 Torys LLP $88,400
Average Associate Salary
Firms in downtown Toronto tend to have very high salaries, but Bay Street law firms usually offer the highest levels of remuneration.
Firm Average Associate Salary (annual) Blake, Cassels & Graydon LLP $155,000 Davies Ward Phillips & Vineberg LLP $145,000 Goodmans LLP $115,000 McCarthy Tétrault LLP $220,000 Osler, Hoskin & Harcourt LLP $145,000 Stikeman Elliott LLP $135,000 Torys LLP $110,000
Frequently Asked Questions
Below are some of the most commonly asked questions on the topic.
What are some of the most prestigious biglaw firms in Canada?
It can be argued that the firms listed on this page are amongst the most prestigious “biglaw” firms in Canada. As mentioned above, the list is not closed and some firms are definitely “informally” included in it.
Is one Bay St firm better than another?
Although they are all quite big firms and have some common qualities. However, each firm has different things to offer to you. You should research each firm and focus on things like work/life balance, salary, bonuses, extra perks, and growth opportunities.
Should I work at a Bay St firm?
It is whether it is something that you prefer or not. Working at any large international firm is different from working at a smaller firm. To each their own! Just make sure that you do enough research to allow you to make an informed career decision.
