Torys LLP

Before you call about a business transaction or financing

General guidance for this kind of matter, not advice about your situation and not specific to this firm.

Questions worth asking

• Who would lead the matter day to day, and who else would you bring in?
• Which parts of my deal would be handled in Calgary and which by Toronto or New York colleagues?
• How do you price a matter that starts small but could grow into a larger transaction?
• Can you give me a fee estimate for the work, and what assumptions is it built on?

How this work is usually billed

Large and mid-sized firms usually bill by the hour, with rates that rise with seniority, and staff a deal with a partner and one or more associates. For a defined piece of work, such as a share purchase, a financing or a joint venture agreement, ask for a written estimate, how often you will be invoiced and whether any stage can be capped.

What to have ready

A short description of the deal and the deadline driving it, the corporate structure, any term sheet or draft agreement, and who is acting on the other side. For a financing, include the current cap table or debt summary along with the term sheet.